Well, when you leave a company and you try to take all the data from that company to your new company, and you get caught, you’re screwed. This is what a couple of guys that went to Guaranteed Rate discovered. It’s quite the mess.
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It’s all fun and games until the cops show up!
Had a closing Monday at a place called NACA where they get buyers approved without using their credit! I was told at the closing that Bank of America and Chase and maybe Wells Fargo as part of their “punishment” for the crash are forced to lend the money to the buyers that want to buy but would be unable to in a more traditional mortgage. The lenders title company, was a company whose owner has been indicted. It was a circus.
Here we go….
You Right!
Well that's the 1st time in mortgage history that a loan officer took his pipelne to the next company. I'm sure it will never happen again LOL.
No one takes their pipeline with them anymore. You close out your exisiting pipeline and take your new Pre-Approvals with you. You should be relying on your new employer to have a better transition set up for you. It's not 2003 anymore. And GR? Why people go there is beyond me? Yes, I understand they have great rates, but who in the heck wants to work for 50-85bps per loan. If you are willing to make 50 bps per loan, you can have a great rate to sell anywhere.
They nailed him for preapprovals too.
back when we were closing loans hand over fist as fast as possible. I remember lenders who were being paid off holding up the demands – going to our borrowers and telling them they could give them a better rate and close them faster if they would come talk to them. They would undercut our fees, not charge for the appraisal and or credit….