Why We Owe Our Clients The Whole Truth

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My Dad passed this video on to me. He also happens to be a retired loan originator that built a thriving referral based practice simply by always putting his clients needs first. Subsequently before retiring, he consistently closed 10 - 20 loans on a monthly basis no matter what the market.

He also asked I post this video so every loan originator reading this, never has to take a phone call from a client because you placed them in a neutron mortgage like this lady.

Comments

[Tyler]

That video was amazing. I'm sort of speechless. I wish more originators were more active in the management of their clients mortgages. Too many loans were quickly originated and then abandoned for a quick commission.

I'm always extremely sad to hear those stories.

At the same time, I'm glad that we have groups like the readers of the Cicerone that are constantly raising the bar for the mortgage industry. We need it, and I'm glad we're the movers and shakers doing it.

[Sean Purcell]

Tough video to watch. I ended with mixed emotions though. No question there is an Underwriter in hell just waiting to talk to the LO's that inappropriately put people into dangerous loans such as neg-ams and short ARMs. On the other hand, I do not know what her situation was when she refi'd. She mentions cc debt, did she refi to take care of an ongoing consumer debt problem?

In the video you can see her trying to take ownership of her problems and not just lay blame somewhere else, which is admirable. But she hasn't even done the research required to understand what happened. She still refers to her problem as an "interest only loan" and of course that was not the cause of her foreclosure. I would think going through all this, she would at least want to make sure it never happened again.

I am not trying to blame the victim here. I feel bad for this lady same as everyone else. But I am just not sure she is a victim.

[Dan Melson]

I hope I never have to deal with something like this caused by me. I can't help it if someone loses their job, gets hurt, whatever - but if I had put them on a course for disaster with a loan I had done...

Due to the nature of what I write, I have people bringing me these stories, but mostly, they're e-mail. Reading just one should be enough to keep anyone on the straight and narrow for life. I've read lots of them. But watching the emotions in this poor woman's face and hearing them in her voice is rough.

[Shailesh Ghimire]

Hard to watch.

Real people are really hurting right now. If my neighbor was vlogging she would have the same story. She walked away from her home earlier this year.

Sad.

[Wade Young]

This story is sad. It really underscores the power of video blogging, though. Seeing someone's pain is different than reading about it in a news story or even on a traditional blog post. This woman is really torn up, and it's sad.