Mortgage brokers/Loan Representatives should they adjectives be prosecuted for their greed and wrong behavior?
Answers:
If they broke the law YES, YES, YES.
Most Borrowers of the GUILTY BROKERS should also be thrown out of this country for being GUILTY of STUPIDITY, and let not forget a little bit of GREED on their part as in good health.
OK, now that they are gone lets start over.
Absolutley. That is my opinion. and i`m sticking to it.
No. Fees and rates that people get when purchasing or refinancing a home depends on what that human being QUALIFIES for. Rates and fees are not numbers that are just pulled out of the air by loan officer. There are charts that have to be used, and factoring in a person's credit win, debt, and monthly income will dictate what a person can qualify for. If someone has have a history of not paying bills, then the bank is taking a risk by loaning that soul money. That is why that person is charged more for the loan, it is a risk that the bank is taking.
There are also law involved when dealing with loans. Many of these vary next to state to state, but things like interest rate and origination fee "points," also fall over under the control of laws. What some might consider greedy is in actuality legal. The money that is charged go to the bank, and not directly into the pocket of the loan officer. They usually see a percentage of that, but is small surrounded by comparison. What people need to realize is that not everyone deserves impressively low interest rates. A bank doesn't have to loan anyone money, and if someone applies for a loan near a history of not being fiscally responsible, that person is assessed as a risk by the edge. Moral of the story, pay your bills and you will be in charge. Spend money that you don't own and you will be at the mercy of the bank.
95% of them are Honest. Its the 5% everyone seems to complain about. If your not sunny with a broker or loan rep, dont use them and if you think they are doing things that are off the record, report them.
Lenders and bankers, too if they broke a law should be and always own been prosecuted. Yes absolutely they should as should borrowers who misrepresented, appraisers who overstated or willfully omitted information and anyone else who perpetrate a fraud that resulted in a loss or intended loss. If people be prosecuted for their greed and unethical behavior there would be severely few politicians or people to enforce the laws.
I muse seeing huge lenders go out of business and nearly 20% of the mortgage employment force lose their positions is a sign that, as usual, a free market reduction (to a degree) rids itself of much of the problem. Unfortunately many good relations who were not unethical also are falling surrounded by the sweep.
There is an age old saying that you can't legislate nouns. If you can you only punish ethical people and the dishonourable ones find another venue. Source(s): I am a long time mortgage banker and despiser of fraud.
No, because they are not all wrong (perhaps greedy but aren't we all).
unless they did something private, you can't prosecute them. tba
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