Posted by 101livescan on 4/1/13 10:45am
Msg #463965

INTEGRITY

The Word for the Day! for Every Day. That's the first word you see on this site when you log on to NR.

Yet there are a few who probably don't pay much attention to it. Just gloss right over it. Not in their vocabulary.

This reminds me of Stoli's story about the signing she did where the loan officer told her to sign or ELSE, she would never work again.

I had a story like that once. It was month end. It was a transaction where I was to meet the client at the Four Seasons Hotel in Santa Barbara for 4pm signing. I printed the documents on the run, made a copy for the borrower. Borrower never showed. I was booked the entire evening. I called the loan officer. He said "you wait there, I'll find the client, don't move." I said, you find the client, I have to get to my next appt. I'll have to reschedule your client. LO said, if you leave, you'll never work again in that town. I know everyone at BofA, WAMU, Wells, you're toast! Well, alrighty then, you need to find yourself another notary dude!

Suddenly, he calmed down. The client was not available by phone. Guess he was running late in a meeting at his work. Meanwhile I'm getting calls from about 6 people from escrow, title, LO, the LO in training. I take the time to look at the HUD and I see $55K in closing costs for a $463K loan. WTF. It was one of those loans, an ARM with a margin in three years that would choke a horse. I go do three more clients' loan signings while they are trying to locate their client.

Make a long story short, I did meet with the borrower, much later. He signed, after negotiating the fees to around $32K (still too high, I thought, but not my loan), we signed, and the big Kahuna who said I would never work again, apologized for his rage. I said, I understand, it was a lot of money on the table. I have your name, your address, telephone number and your license no. and you'll be hearing from the NY department of RE. However if they are as corrupt as you are, well, this will go nowhere, and Mr. LO, lose my number. This is absolutely the worst loan signing experience I've ever had in my career. About my fee, it just doubled. You need to overnight my full payment to me and I'll happily drop these documents back to you (it was a Friday evening) for Monday delivery.

I got paid $400 for this fiasco, and never heard another word from them.

The client became one of my best friends. He sold his home, however, in a short sale a couple of years ago with the market upheaval.

I know all about INTEGRITY. I have come across some of the worst examples of LOs, not lately, but there are still LOs out there who put $$ before ethics. We still have a lot of housekeeping to do here. That LO needs a good spanking and to learn some manners. When I was a loan officer for the Royal Bank of Canada, we had to renew our compliance certificates on a quarterly basis to keep on originating.