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Bloodbath only a few hours away
shardian:
--- Quote from: ChadTower on January 22, 2008, 02:56:07 pm ---
--- Quote from: shardian on January 22, 2008, 02:51:52 pm ---heh, well then I guess I am definitely blaming lenders.
--- End quote ---
I can buy that. I may even finance it if you can get me interest only payments for at least 2 years.
--- End quote ---
Also, unless I understand the whole process wrong I believe that bigger lenders basically depend on the brokers to evaluate potential borrowers. in THIS situation, then yes the brokers would be the a big part of the problem. But it would still fall back to lenders for not paying enough attention.
ChadTower:
--- Quote from: shardian on January 22, 2008, 02:58:42 pm ---Also, unless I understand the whole process wrong I believe that bigger lenders basically depend on the brokers to evaluate potential borrowers. in THIS situation, then yes the brokers would be the a big part of the problem. But it would still fall back to lenders for not paying enough attention.
--- End quote ---
Seriously. Why allow tons of barely trained independent contractors play with billions of your dollars and trust them to be prudent?
shardian:
--- Quote from: ChadTower on January 22, 2008, 03:01:19 pm ---
--- Quote from: shardian on January 22, 2008, 02:58:42 pm ---Also, unless I understand the whole process wrong I believe that bigger lenders basically depend on the brokers to evaluate potential borrowers. in THIS situation, then yes the brokers would be the a big part of the problem. But it would still fall back to lenders for not paying enough attention.
--- End quote ---
Seriously. Why allow tons of barely trained independent contractors play with billions of your dollars and trust them to be prudent?
--- End quote ---
Well if you apply that kind of logic then even Walmart would disqualify 99% of their large workforce. ;D
patrickl:
--- Quote from: ChadTower on January 22, 2008, 02:55:01 pm ---
--- Quote from: patrickl on January 22, 2008, 02:51:03 pm ---Aren't "lenders" and "brokers" the same thing?
--- End quote ---
Brokers are often independent agents or agencies that write up loans for a lender (sometimes more than one) for their own profit. They get paid separately from closing costs and have no persistent interest in the loan once it is processed. Same concept as insurance agents. They can work directly for the lender but those aren't the brokers that wrote up most of the really crappy loans.
--- End quote ---
Thanks. We have the same thing overhere yes.
Overhere the lenders still validate the mortgage though. They have pretty strict rules. The brokers only collect the data, forward the documents, collect signatures and help people find the right mortgage company (ie the one they get the best commission from)
Most of them actually are linked straight to the national mortgage computer network. They will evaluate the loan for you right there when you talk to them, but it's the lenders computer that actually makes the decision.
ChadTower:
--- Quote from: shardian on January 22, 2008, 03:03:40 pm ---Well if you apply that kind of logic then even Walmart would disqualify 99% of their large workforce. ;D
--- End quote ---
Walmart only allows easy employee to manage about $15 in assets, though. Not so risky there. :laugh2:
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