Mortgages Made Simple with Rick Gundzik

Thursday, October 23, 2008
Loan Officer Fraud and Greed - October 23, 2008
While most people point all the fingers at Wall Street for the current mortgage mess a lot of the blame should go towards the individual loan officers. Mortgages Made Simple logo Whether it be that they over-stated a borrower's income or pushed the borrower into a bad loan so the loan officer would make more money, the loan officers need to be regulated better.

I have had many different ideas on how to regulate loan officers, but it comes down to the borrower level. A borrower has to ask the loan officer they're working with if he/she is licensed. If they are not licensed find one who is. Every state has an online licensee list, so you can easily check. It doesn't insure you won't be ripped off but it gives your loan officer more credilbilty. Fortunately due to the industry consolidation it will work itself out and we'll move forward with more professional loan officers as the unlicensed ones will leave the industry.




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