Welcome to the new unfortunate fleecing of the homeowner that is infiltrating our court systems and robbing unsuspecting borrowers that are oblivious to these “questionable” fees as they face foreclosure and are caught in a system that seems to be failing to protect consumers.
They call it questionable fees, I like to call it predatory servicing.
CNN reported yesterday that;
Countrywide Financial, the nation’s leading mortgage lender, is facing a federal probe into its foreclosure practices, according to a published report.
The New York Times reported Wednesday that the U.S. Trustee, the federal agency monitoring the bankruptcy courts, subpoenaed its records to determine if two foreclosures in southern Florida represented abuses of the bankruptcy system by the lender.
The agency, a part of the Justice Department, announced an effort to move against mortgage servicing companies that file false and inaccurate claims in foreclosure cases.
I have heard many stories of borrowers that were charged fees that had no explanation and could not be supported via the documentation that their lender or servicer was providing. Most of these homeowners just caved in to the demands and agreed to pay these “questionable” fees.
More often then not, it was out of desperation to stop foreclosure and save their home from the big bad wolf.
Borrowers need to understand that they can “demand” a “life of loan history” via a “qualified written request” . This is a law under Section 6 the Real Estate Settlement and Procedures Act (RESPA). By law, the lender or servicer is required to acknowledge the request within 20 business days and must try and resolve the issue within 60 business days.
Read the rest of the article at the “new” IamFacingforeclosure.com.
News you may be able to use
{ 45 comments… read them below or add one }
I’ll have a Loan please with extra sauce, cheese, pickless and a sesame seed bun please! hahaha
Would you like to super size that sir?
Hey, $2000/month ain’t bad. There aren’t many no-college-degree-required jobs left in this country that pay more than $11/hour.
Hey, with all the layoffs I bet you could get up to $3000/month in no time!
Actually the top producers close slightly more than that and the loan amounts are not $200,000.
If you can’t close more than 3 loans a month then you shouldn’t be there. The payscale reflects that.
Realistically the average LO at CHL is making no less than $2,500 a month. Far from below a burger flipper or greeter at Wal-mart.
Hey, if you went to McDonald’s, at least you can leave the stress at home after flipping burgers! How many McD’s workers actually go home and worry about the burger not being to the customers satisfaction?? Hats off to any LO who actually stays at CHL and puts up with that crap!!!!
I don’t believe that this schedule is for the Retail Channel. It looks more like the comp plan for the Port Retention/Telemarketing hacks. The boys and girls that go out and originate good old fashioned retail business get compensated for their efforts. The Port/Tele folks are nothing more than fast talking churners. In other words, Retail is still on a sliding scale starting around 45 bps and rising to 65-70 bps based on dollar and unit volume.
Not sure where you are getting your info, but it has to be wholesale you are talking about.
this has got to be loan by phone payout in retail, not a typical loan agent position.
I find it quite amazing that the only “originators” I see on many blog sites are being fed their leads……Is there anybody out there really originating loans….I am a Home Loan Consultant in a Midwest branch and ALL my loans with the exception of a few CW refis are self sourced from realtor and former customer referrals and I make WAY WAY more than that bps schedule you posted…..and no salary either BTW!
Guys, this is the new trend, lower pay packages and see how far you can get away with it. Frankly, production in California is so low that I would be happy if my loan officers were all making at least $2500/m. What they are not telling you is that this is still a purely commissioned based structure, if you don’t produce then you dont get paid. Why not just go into retail and go door to door? You could make more money on one loan closing then 10 with the countrywide model?
Alan a NOW ex-Countrywide employee — he didnt quit — he got laid off thats the reason he hates the compensation plan. The mortgage mess that we are in CW still will pay you 10k every month if you do 10+ with a volume of 2.5 million. Not alot of places still pay you that kind of money and pay you benefits.
That CW Comp plan is false - like I said before, try saying something positive.
As a mortgage broker I assume that Countrywide’s stance is that they can get anyone to work an inbound lead. If you are generating your own leads why don’t you become a LO at a broker shop or mortgage broker instead. A good LO can easily make 2 points (200 basis points) on every transaction.
Get over it. You think they should increase pay after dropping in stock price from $45/share to $8/share? We need this bank to stay afloat, if not then WE are ALL in trouble! Brokers and retail L/O’s. Take the cut in pay and just broker out deals you think can make you more money!!
Think of me though when brokering out.
It’s ran like a sweatshop, what can you expect? They made too much money before if you ask me. I used to work in CMD and those POS lo’s were making lots of cash just answering the phone and taking apps, we the processors did ALLLLLL THE WORK, and got JACK SHIT! The lo’s over there are pretty close the McDonald’s workers in that they just “TAKE THE ORDER”.. oh, and lock the rate, after that, they’re done!! They may hassle the processor from there on out just to check the status, but they are done for the most part so I think the compensation is fair at this point.
If anything, they should give the money the cut to the processors, they’re the reason you even get a paycheck!
Just wondering - is a CHL the outside loan officer sitting in a branch, or is this a telesales position? Can anyone help?
Is this the new comp or is this in addition to their normal comp plan?
Hey everybody. This postion is countrywide full spectrum. This is where tlemarketers call or you get internet leads from CW given to you. Now if you need a job this is still a way to make 5-7k a month consistently with leads given to you. Still not a bad gig.
Folks, I have emails out to CW originators to confirm the comp plan. I use to work for CW retail division over 2 years ago. Trust me, if you get license by your state and become a license loan officer and bring in your own business you would not work for CW retail. You bring in your own business you make the rules or work for a brokerage that rewards you for your hard work. That’s why its called an independent contract when you’re a license loan officer. But I must say, I know several unlicense loan officers at CW finding other jobs to supplement their income right now. Sad…Sad… State of affairs!
Moe,
Have anything worthwhile to say? What about interest rates being at an all time low or Countrywide helping over 50,000 families stay in their homes?
You can help the market by saying what is good or is that against the rules within today’s media frenzy circus?
These people didn’t make their payments……….Sorry if it seems harsh but if you don’t pay your bills you can’t have the priviledge of ownership. This is about your moral obligation to repay a loan that you made a commitment on.
You are missing the point. Borrowers are being charged bogus fees, making it impossible for some to ever catch up because they are being robbed by BS fees.
John,
I have reported on Countrywide helping a measily 50,000 borrowers. Did you know that there are over 500,000 that need help and are at risk of foreclosure with Countrywide?
50,000 is not enough and I will report the truth. If is positive, I will report that. Unfortunately, great rates and helping 50,000 people is propaganda that seems to influence you. They did a good job with you, sorry it doesn’t work for me.
I want to see 250,000 borrowers and more mortgage products.
Beleive me, if I had great things to post, I would.
Just conirmed this with freinds in one of the last remaining FSL branched in the mid-west
Lenders will also try to sneak in pre-paymment penalties and act like it was a mistake if you should catch them. Inregards to legal fees that is a major business for the attorneys,banks and the people putting the deals togethor.
help me!!!!! please!!!! countrywide is robbing me> I have a 13percent arm and they will not refinenace me. My home is now in foreclosure.
I am disabled and a vet of the marine corps. my wife is the only one working. Still countrywide will not help!!! refinenace us. WHY!!!
Michael, please call me on my cell 951-271-6283. I will see what I can do to help. I am very interested in reporting on your story.
I worked for CHL in 2006 in the Sacramento Area. The comp plan continued changing for the worse while I was there. Luckily I got the opportunity to get my RE license and work on my own. In 2007, I made twice that of ‘06 , even during this adjustment period and I feel much better about what I do. CHL made us charge so many discount points and even then, the top LO’s at our branch only made between 6K and 11K/mo. I make that now and I also get the added benefit of tax write-offs on my expenses.
Some whine with your cheese??? Quit your bitchin and get a job somewhere predatory practices are tolerated.
I agree with the Whizkid. I worked for First Horizon Home Loans. There pricing was indicative of price gouging. 100bps in price higher then everybody else in retail. I struggled knowing there was a better deal down the street at a cheaper price all the while knowing I would make the same by giving the better deal. I funded 3-5mill a month. I quit, got my broker’s license, and now work for an independent brokerage. I love it and am rewarded for hard work and do not have to jam people into loans to get to the top tier every month. I also enjoy disclosing everything to every client, even YSP, because we didnt have to at First Horizon. I get business on my own. Never had leads. I pound the pavement and build business relationships to get business. Sounds like the Chop Shops are all but gone, good riddance. Here’s to 2008 being better then 03,04,05,06,07.
it sounds to me as if you have never been a top producer. this model will make money if foccus more on your origination and less on the basis points
i work for a big name lender with a simular model. it just means you actually have to work for the money you think you deserve. the business is there and if you whip the tears away mabye you can see it
do you really think the service you provide is worth more than that. what do you actually do to justify so much income
i closed 54 million last year in nine month at wamu. check the numbers. with out an assistant. the compensation i recieved is more than suficent
i would never hirer you on my team with that type of negitive attitude. you will never expirence success with an attitude like that
There are good and bad comp plans everywhere. Each person must choose to accept or not the way they are compensated for there work. If there are any loan officers that would like a 60/40 split on conv conf, conv non-conf and brokered loans and a 70/30 split on FHA and VA and full benefits feel free to email me at suzajones@aol.com
I will hire you all to work from home! See my website. Inbound leads to you home….
http://www.amerisave.com/partner/cbarnes
By the way there are two types of LO’s at CW. This comp plan is for the inbound call centers! I did 440 units for almost $50 million in 2006. I made right at 6 figures. Its about $250 per unit. Most of those were HELOCS, very profitable product. Refinancing those kept us alive this year….
I work for cw. I work outbound (call cw borrowers in a call center with a telemarketer sends over warm leads) our pay is as
10 refis or more =35 bps
6-9 refis funded =32 bps
fha pays 5 extra bps
3,000,000 is the mark for 10k a month. it id being done quite a bit here
I first was in contact with countrywide back in Sept. of 2007, Spoke with Gary Baxter of Peoria, AZ office. Mr. Baxter said that he would pull my credit, call me within the hour, and go from there. No call back and it took a week of me constantly calling to speak with him leaving messages, email, and sent to Voice mail to finally have Mr. Baxter to take my call. I than ask Mr. Baxter what was the situation with my credit and further assistance.Mr. Baxter than tells me my credit score was not high enough and he really could not help me. (Refinance) Which is funny that I was responding to Countrywide Expedited delivery letter that I received From Countrywide “Preferred Customer Invitation A free Refinance Consultation “letter and the rep Referred me to my local office and that’s When I spoke to Gary Baxter of Peoria, as office. My credit score was not high enough. Alternatively, was it that Mr. Baxter was not going to make enough to make it worth his while? I am still back in forth with Countrywide. Nobody calls back! I have documentation of every call I have ever made. We do not want to lose our home and have made every effort on daily basis to talk to them! DAILY!
Pre-payment was one of the reasons of the no refinance, which I was told a year after I bought home I could Refi. I wrote my hardship letter to Countrywide Oct 07, 2007, I was told that they sent out a letter of denial of loan Mod. Back in Feb of 2008, which never got, next day I call again and a different rep tells me that it is still being work on by negotiator, and that I should get on my knees and pray for a miracle and if I believed in God I needed to get on my knees and do some praying! I have heard it all and have pages of notes, dates, Names, and details between conversations of this run around that I have gone through! I love my house and want to raise my children in it, but it is almost time to say enough with Countrywide and be done with. In addition, Countrywide bought out our loan from Mortgage lenders. We did ask for this horror story>>>
It is shocking to see anyone have the balls to write something good about countrywide. I fell behind on my mortgage after i lost my company last year. After several attempts to contact them and being cut off i finally reached a human. They told me to find a buyer and submit a short sale offer. I did just that on Dec.17th. I called every other day, i would get a different story almost every time. 4 days before my home was being foreclosed on they decided to call me back and postpone the sale and try to follow through with the short sale. for 5 months i called and spoke to over 100 people, never the same person. they told me not to worry that it would be given to a specialist within a few day. I have never seen such a mess. Mike
P.S., Moe I have tried to reach your office, I leave a message and I do not receive a call back. It is possible you are calling back from a blocked number which I do not answer. If I had an e-mail address i could give you the full story and the results of my analysis of RESPA and Truth in Lending problems with my 2 loans from Countrywide. I am a real estate broker and I am familiar with the laws fairly well. Thank you, Mike
In response to Gary Smith, Countrywide employees do not get paid on a loan to loan basis like a broker. So maybe Mr Baxter and Conutrywide could not help you. It would not be in his best interest to turn down a loan. Maybe your credit score wasn’t high enough and therefor were not eligible for a loan. When homeowners sign papers, maybe they should read the agreement before signing. Makes sense right? All the blame is on Countrywide, I find it hilarious. Take credit for your own actions and maybe learn how to spell before you write on every blog on the net.
I feel you Gary Smith. Gary Baxter is a shady character and on top of that, he has a small crank.
Mr G BaX should also check his spelling.
my God, i thought you were going to chip in with some decisive insght at the end there, not leave it with