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I didn’t forget to state anything. Check your facts. The NAR and NAHB are the largest contributors to the Republican party. Either way, both parties are guilty of taking massive contributions. They eat from the same buffet. We need a legitimate 3rd party to contend with these folks. And really, what do you mean by “liberal bunch”? Specifically, what defines a liberal and a conservative in your eyes?

anon 7:36,

This is what happens when their are low barriers to entry and high rewards. It’ll bring the good, the bad, and the ugly. On a few deals, I was working with brokers that didn’t realize the title company needed to check certain documents before closing. Other states aren’t so kick back as California and they were confused as what to do. “This is where you ask me for my income statements such as W2s, 1099, etc.” I had to tell them.

Haven’t seen this mentioned, but oftentimes, it’s the blind leading the blind into these ditches.

Training?
Yeah, right.

1) Go over the compensation plan.
2) Fill out your new hire paperwork.
3) Go over the compensation plan.
4) Meet your new fellow employees.
5) Go over the compensation plan.
6) Get on the phones and sell yourself.

If you’ve got the time, call around and ask a few loan officers about basic mortgage terminology and see what you get.

Loan servicing is a big industry. That is a topic I will cover in a later post. I have an acquaintance that works for a sub-prime outlet that was recently bought out. You know what most sub-prime lenders are now saying? “I’m going to jump into the foreclosure industry, that’ll be the next big thing.” Little do they understand that when credit tightens, most investors come in either with cash or solid credit. Plus, you have to possess strong intestinal fortitude to buy a home in a market hemorrhaging with foreclosures. And the market has a lot of trimming to do because in down markets, there are less sales. Less sales equals less loans. Less loans equals less work. Somehow, they forget to connect the dots.

I may have been a bit unclear on this post. In no shape or form am I saying a buyer is not responsible for signing a note. They signed the bottom line therefore, they will live with the repercussions of over paying for a home. As someone commented, they were the one’s pushing for a riskier loan product and not the bank/lender. And I appreciate the comments from both sides here. Yet the reality does show that we are facing another $500 billion in loan resets this year alone. The mortgage backed securities industry is enormous and will have an impact on the overall economy. The largest contributors to both political parties are part of the housing syndicate. Let us not forget to connect the dots here either:

Top Political Action Committee Contributors:

National Assn of Realtors $3,752,005
National Beer Wholesalers Assn $2,946,500
National Assn of Home Builders $2,900,000
National Auto Dealers Assn $2,821,600
Intl Brotherhood of Electrical Workers $2,796,875
Operating Engineers Union $2,784,435
American Bankers Assn $2,748,299
Laborers Union $2,687,150
American Assn for Justice $2,558,000
Credit Union National Assn $2,412,853

Funny how we also have a beer association here but that is a different topic altogether. Personal accountability is a hot topic. The punishment for a buyer getting into an over priced home? Foreclosure and ruined credit. Punishment for irresponsible mortgage lending? I would only hope that we let the system of capitalism let the irresponsible sub-prime outlets be flushed out of the system. The standard should be the same at both ends.