Lets stop playing the blame game for this mortgage / real estate mess!

Lets stop playing the blame game for this mess! (edit/delete)

I'm a very dedicated, ethical, and honest loan officer and I would like to write my two cents pertaining to the following blog below.

IT'S A MORTGAGE MESS, NOT A REAL ESTATE MESS. A DEFENSE OF REAL ESTATE AGENTS

Thanks to the Mortgage Pro Week in Revew: 6/30/2008 throught 07/06/2008 by Alan 'AJ' Nisen,I found some very good reading material by ActiveRain members from the mortgage loan industry.

One of the featured articles includes real estate agents in the group responsible for the mortgage mess. Including real estate agents in the blame game for the mortgage mess appears to be a knee jerk reaction. However, the writer doesn't say how the real estate agents were responsible for the mortgage mess. We know how mortgage loan officers can be responsible for approving loans for unqualified buyers. I have yet to hear how a real estate agent can be responsible for a loan officer approving an unqualified prospective borrower.

I believe there is plenty of blame that can be passed around related to this housing crisis. I will agree that my industry (mortgage companies, loan officers, banks , and credit unions) have played a vital role in the economy unraveling, but there are realtors, title companies, government officials, and consumers who also can take blame for this mess also. I have listed a few things below that have caused me discomfort over the years.

1. Listing a home for far more than what it is worth?
2. Stretching your buyers price point so you can achieve a higher commission.
3. Dropping a loan officer because they do not feel comfortable qualifying the customer at that price point and taking the customer to another loan officer or bank.
4. Asking for kick backs for business or referrals.
5. If the loan was so bad for your customer, why didn't you speak up at the closing.
6. Selling a home with issues and not disclosing to buyer.

These are just a few examples why I feel Realtors have some blame. I'm in no way trying to bash your great industry, but to say realtors are not responsible for this mess! PLEASE...In my opinion, everybody who works in the housing industry, government, state, retail can take some of this blame, and I know I'm missing other entities.

I have been in the business for five years and I'm still one of the busiest loan officers still in the Twin Cities. Why is that? Because I follow through with what I say! I'm not afraid to tell a customer when they are biting off more mortgage then they can chew! I thoroughly review their short and long-goals prior to making mortgage suggestions.. The list goes on and on why customers continue to refer me business and if they are reading this blog I thank them from the bottom of my heart.

I really wish everybody would STOP passing the buck on who made this mess. There is a very simple solution to this problem. We as Housing Professionals need to focus on the best interest of the client period. If we make a dedicated promise to always look out for our clients best interest, we will prevent further messes in the future!