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Code of Ethics and Mortgage Companies

            Unethical business behaviors exist and are present in many companies. Since I am a mortgage loan processor (previously originator), I thought I would touch on the unethical business practices that have come to the forefront in this arena.
             There have been so many mortgage companies going out of business since the mortgage debacle that rocked our industry in 2008. We are still feeling the effects of this debacle and will continue for years to come. This major event caused the government to change the way mortgage documents are disclosed and the amount of time borrower's have to look over such documents.
             One of the major issues the Government changed is the amount of money that originators and Banks used to make and the means they would use to go about doing this. I was an originator during that time and did the same as everyone else in the industry. We would hike the rate and make the most money we possible could, which could be anywhere from 3-6% of the loan amount. This is no longer the case because of the regulations from the Federal Government. Currently, Banks and other Lenders can only make 1 to 2% of the total loan amount and that is it. The paperwork has gotten more difficult to get through underwriting and it takes so much time. We have gone from stated income to fully verifying income. .
             Unethical behavior in the mortgage industry has caused major problems. Some Loan Officers would create documents such as W-2's and pay stubs so their borrower's could qualify for larger loan amounts. This was totally unethical and false information. .
             I remember a few years ago, a real estate broker in New York committed wire, bank, and mail fraud in connection with FHA (Federal Housing Administration) mortgages. Typically, FHA mortgages required little cash investment and this type of loan was more flexible than regular conventional loans. This broker would recruit new home buyers and help them to qualify for home mortgages.


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