Death of the mortgage broker?

Not so fast people!

The facts are that mortgage brokers and loan officers seem to adapt to their economic environments much like their close cousins, the cockroach. They seem to study this dirty little creature and how they have evolved over the past few million years.

These creeps just don’t seem to die so easy….

Now like a play book from their fellow ancestors, they will just run for cover when the lights are turned on and like the infamous kitchen Roach, as soon as the lights go out, they are feeding on crumbs and running muck in your cupboards.

To put it quite bluntly,  I really don’t think that we can ever get rid of the remaining money grubbing roaches who will evolve and adapt to whatever new scam or snake oil that they can make a commission on.

I have met too many of these mortgage idiots over the last two years and I don’t think their pea sized brains understand the concept of providing value to society and earning a legitimate buck by providing a legitimate service.

Yes, I have met a few good guys in this industry over the years, but the numerous bad apples and scammers just kill the chances for any of the good guys to survive.  This industry is that BAAAAADDDD! Because it is all about money first, ethics last and the consumers best interests never for the vast majority of  these scam artists.

Thanks to our state and federal governments, it looks like we can now finally start to say that the inevitable ”Death of the mortgage broker” is entering its final stages. Large doses of mortgage chemo therapy have been successfully injected into Main Street veins via the FTC and state attorney generals over the last week.

Rumor on the loan modification street is that brokers are running scared and going underground for good. Some of  these so called smart loan modification scammers had never advertised their services out in the open for the FTC or AG to place them under the reulatory radar and operate their scams state of the art telemarketing centers, false names, auto dialers or in the shadows of a sham attorney.

There are several massive loan modification scams that screw homeowners and advertise in the open here in Southern California. I “thought”  these companies would surely be be on the FTC & AG’s list of lawsuits, but to my dismay, I did not see any of them named.

Word has it that many of these mortgage brokers, loan officers and sham companies have plans to circumvent the law, the FTC and AG by going underground and Operating below the regulatory radar.

A lot of these brokers are also real estate brokers here in California and from the word on the street, these scum bags are moving their business more into the real estate side of things in order to fly below the mortgage scam radar.

Heck, all they need to do is put on the Realtor pin since the Realtors seem to never get flack for their shady selling ways. When you’re a Realtor, it’s ALWAYS a good time to buy and sell, even when it’s really not!

Is that ethical and honest?

So, you heard it first here, mortgage brokers will morph into Realtors over the next 12 months and not one of them will skip a consumer scamming beat.

Mortgage broker posts from the past by Moestradamus:

Are Mortgage Brokers Ancient History in 08? December 2007

The mortgage and real estate industry has resembled a battlefield marred with carnage and destruction with what appears to have no end in sight. 210 imploded lenders and thousands of mortgage, real estate professionals and anything related to these professions in one way, shape or form, litter the path of no jobs and no hope.

The bad apples spoiled it for the good apples. Loose lending standards and easy money for everyone (loan officers, real estate agents, appraisers, homeowners, investors, lenders and anyone associated with real estate) may have killed this business for good. 

Illegal Loan Modification Companies: Welcome to the hottest business since subprime! November 2008

Homeowner Alert: “Typically, the scam started with a flyer sent to the homeowner and many of these mailers look as if they may come from their lender or even the government. But, they are coming from scammers.”

Many of these mortgage brokers, loan officers and real estate agents literally make me sick. Not all of them, but the vast majority does. I have to let this out because it’s really an epidemic of mammoth proportions and I am going to be the person that brings this to the public light because I have an obligation to.

What is the hottest business since subprime and over priced homes bought with unaffordable loans? Answer: Loan Modifications!!!! Everyone is doing it. Well, almost everyone.

I don’t think there is one mortgage professional or real estate professional that is not performing loan modifications, short sales and even bankruptcy’s. Some legally, but most illegally and many have absolutely no idea what they are doing and it’s not about helping people, it’s all about the Benjamin’s.

Mortgage brokers are still committing fraud & submitting bad loans = Business as usual

In other words, stop scrapping the bottom of the barrel for your business, sooner or later I have to waste my time on it, and then waste my time again to argue with you as to why I did not approve it, then waste even more time arguing with that particular Broker who would lie to sell his/her aging mother for a dime.  If this sounds redundant, it is, this is what I do all day long, all week long, all month long….

These are the facts, we are returning to the “old” days in lending, those of you who can not or will not make the transition to this novel methodology of decisioning, please, I hear that TSA is looking for some good folks out at John Wayne, if you can pass the background check, get your application in now before the rush.