Boy, I would love to see the result of a Federal Reserve Fair Lending Audit on you guys. Since I have found the tougher loans are usually lower income and/or minorities, you are basically preaching to discriminate against those demographics.
It would be nice to be able to remove FHA mortgage insurance. Otherwise the rate is .85 or more for life. The low rate in the 3’s means nothing. Trump should work on THAT.
If everyone listened to you and did as you preach, then everyone would ultimately be redlining. Is that OK? By the way, you clearly don’t understand the rest of America. I have some of the best buyers and the lowest default rate in the industry but they were never taught how to build or manage credit or the importance of it but they work their ass off. Immigrants, relocated Puerto Ricans, etc. You really need to get educated on America
By the way, at least half my business is 700+ FICO buyers – but I help everyone that is willing to help themselves. But I never fight for someone who is not willing to listen to what I say and fight for their future. I don’t hold onto crap. Many people should not own a home. If they have a 620 FICO but they have been continually late on stuff for the last seven years here and there with a spattering of collections or charge-offs and haven’t changed their ways, I don’t bend over backwards for those folks. I am very far from desperate. And I am known as the guy that will give everyone a chance and taking application from everyone but I am absolutely not known as the guy to send your crap to, and I’ve made that distinction clear, I’ll take your everything. Inwill always help out those who genuinely desire help.
First of all, declining a loan because of relevant factors such as income deficiency or credit score is not discrimination or redlining. I was told to take ALL applications when I worked for BIG BANK, which I did. Many of the people that came into my office were borderline, and as the new and “improved” software the bank was using was cumbersome it took hours to take an application, most of which didn’t close. So… I am no longer working for BIG BANK. By the way, I also got a complaint filed against me for informing an illegal lien that the bank would not be able to do their loan-after checking with my manager to make sure we couldn’t. That person also had no verifiable credit and inadequate documentation to do “non-traditional” credit. I wasted quite a few hours taking and massaging the application.
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