My Loan Officer Rank:

Loan Officer: Daniel Bottomley
Company: Mortgage Investors Corporation
State: Tennessee

Experience: 0
Honesty: 1
Knowledge: 2
Courtesy: 5
Communication: 2
Overall Rating: 2
*(Scale 1-10)

We now have a new review section where visitors..without subscribing…can post a Review and Ranking on their last loan officer or originator. This is really easy to use and eventually we will be the “first place to look” when it comes to learning more about your mortgage originator.

It seems the smarminess of Countrywide Financial’s CEO, Angelo Mozilo, is now so far reaching as to smear the reputation of Democratic nominee, Barack Obama. According to the Wall Street Journal, many politicos got special treatment with loan approvals done by Mozilo himself. This group came to be known inside the company as “Friends of Mozilo”.

House foreclosure activity is getting worse and the recently released numbers for May prove it. House foreclosure filings are actually increasing when calculated year over year for 29 consecutive months ending in May 2008 according to RealtyTrac.

The report also listed the following house foreclosure stats:

Home price declines are now so severe they have erased all home equity for more Americans than ever before. Home equity numbers have been recorded starting at the end of World War II and are now at there lowest level in history. For many home owners, their mortgage debt actually exceeds their home’s value…what is called negative home equity.

Paul Tharp writes in the New York Post yesterday on the plight of Countrywide Home Loan stock price taking a beating while the CEO, Mr. Angelo Mozilo, cashes in stock options worth more than $118 million! Anytime the executives start cashing out, you know there’s trouble.

Mortgage approvals are getting harder and harder to come by…even for the previous “good” borrower.

Lenders and the automated approval systems they use to approve borrowers underwent a major overhaul this month. On first blush one might think this was a knee-jerk reaction to the credit crunch, but there is more on deeper inspection. I also suspect that this is only the first salvo in an increasing tightening of mortgage lender standards across the board.

There is no shortage of bad mortgage brokers out there and they come in all shapes and sizes with various personalities.

I thought with all the “specialized” ways of selection, it could be helpful to return to basics and discuss some of the obvious (and often forgotten) hallmarks of bad mortgage brokers.

Finally I am getting some support for my long standing prediction the GSE’s, Fannie Mae and Freddie Mac, are on the verge of collapse. Tuesday the New York Time publish an article which I believe is the first from a major news outlet to even raise the question of the GSE’s long term viability.

ResMAE, a large stated income lender, announced a year ago the discontinuation of all their stated income loan programs used for self-employed borrowers. Since then virtually all sources of loans for the self-employed are all gone.

Larry Kudlow earlier this month stated during an interview with David Walker that the Community Reinvestment Act “created subprime loans”. Larry Kudlow in this interview is really pushing the agenda attempting to help minority groups get their piece of the American Dream “caused” the subprime meltdown.

Ditech Mortgage owned by GMAC Mortgage, is famous for their schlocky TV ads with a fat loan officer who always loses clients (even his own mother in one) saying, “Lost another loan to Ditech”.

These same ads pummel the viewer with the misleading, but very enticing $395 Flat Fee idea.

Mortgage originators tell you your mortgage lock is in force when it is NOT. Lying about your mortgage lock status is a common practice to increase loan revenue or cover loan officer mistakes.

A Florida mortgage broker found a way to rip-off people he never even met: the home seller! Mortgage broker greed reaches an all time high with this unconscionable scam.

So I was over checking my blog on ActiveRain and ran upon a Florida real estate agent who sparked this post. His comment said a buyer client was told to ask the seller for 6% in closing costs!