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I'm glad I'm not a mortgage broker...

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July 24 2012 - Nome
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I'm surprised there are any mortgage brokers left; all the ones that I knew became mortgage bankers affiliated with larger companies.
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July 24 2012
Profile picture for shapiroamg
Wells is still taking loans originated by Brokers through their correspondent channel. Direct Loans from Mortgage Brokers were less than 5% of Wells total loans. What that tells me is that Mortgage Brokers had stopped dealing directly with Wells a while ago. 
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July 24 2012
Profile picture for Go Huskers
Wells Fargo is very good as passing the buck on what goes on. They blame everything on brokers when brokers didn't create their subprime programs that targeted those that are credit challenged. Those loans were designed for people who would not otherwise qualify so it was the product itself that was the issue, not the ones originating the product given to them. When Toyota's were driving themselves into trees because they would not stop, it was not those that sold the car that were to blame, it was those that built it in the first place. I am not excusing brokers for pushing subprime mortgages on people, but it is what it is and they didn't design it. These products don't exist now anyway and there are measures in place so Wells Fargo's move is pure theater to take the impact of the settlement off of themselves and falsely place it on those who don't have a powerful lobby to defend themselves. Wells Fargo is evil!

You should know first hand how this works Vince as they blamed yoru profession for spiked appraisals and corruption and initiated "HVCC". It was said that appraisers were dead at that time as well. They big 3 will never take responsibility for their actions, they will always pay settlements and pass the buck to those who cannot defend themselves while being bailed out at taxpayer expense.
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July 24 2012
 
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I'm glad I'm not a mortgage broker...
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July 24 2012 | 3 answers
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