Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

A rant about biased lending stirred the originator pot

Notify me of new replies via email
Mortgage Professional America | 08 Mar 2016, 08:49 AM Agree 0
Did Hillary Clinton insinuate originators are bigots? Our readers weigh in
  • John S | | 08 Mar 2016, 03:05 PM Agree 0
    Hillary Clinton will say or do anything to get what she wants. I think she forgets that it was her husbands administration that pushed all sorts of LMI programs and first time buyer programs that actually got the housing bubble going. Im not dumb enough to think there aren't slimy mortgage brokers out there screwing people over. Just like I know that there are slimy politicians out there, saying and doing whatever to get what they want. I guess in the end, there is bad and good in everything. We as mortgage brokers need to do our jobs but the politicians and all the liberal pundits would be doing better if they would maybe tell people to take some personal responsibility rather than blame blame blame
  • cheryl m | | 08 Mar 2016, 03:21 PM Agree 0
    It's sad that in today's day and age that we are still at this point elevating discrimination. I hope for all of us we can leave this earth without it anymore. However, today here we are....As a presidential candidate, I do not believe it is her(anyone's) best interest to act or make statements intended to discriminate; of course, I know she's not above this or capable either. Seeing how her Democratic administration further supports policy change, guideline and enforcement that has crippled this industry, I would also hope no Mortgage related or Real Estate related industry established endorses anyone with this character.
  • GLF Mortgage Professionals | | 08 Mar 2016, 07:04 PM Agree 0
    Given this comment by Mrs. Clinton: "You know, you are three times more likely to be able to get a mortgage if you are a white applicant than if you’re Black or Hispanic – even if you have the same credentials and you’re presenting it to the people who are looking at it.”

    It's time for the Industry to remove the Government Monitoring from the Residential Loan Application (1003), because my thirty years in the profession as a Loan Originator I have never had a client who qualified for a mortgage turned down because of race! I have had clients turned for insufficient income, or poor credit, or insufficient funds to close but never because of the color of their skin or ethnicity or sex.
    Remove it from the application and people can qualify on their own merits and credentials.
  • | | 09 Mar 2016, 11:12 AM Agree 0
    I am an African American originator, and my black customers have always been subjected to more scrutiny by underwriters/investors than white customers with similar credit histories. Racism is alive in well in America. Until we stop denying and being so offended at the truth, the problem will only continue.
  • Pat | | 09 Mar 2016, 01:18 PM Agree 0
    Another Hillary Clinton supporter. More lies and innuendos to further their agenda.
  • | | 09 Mar 2016, 02:23 PM Agree 0
    Mortgage companies rely on automated underwriting systems to determine approved or denied. The borrower just needs to provide accurate information and the mortgage officer needs to input accurate information. My company uses Desktop Underwriter (DU) and Loan Prospector (LP). The programs give is approval or refer, and any conditions/documents that are needed to process and underwrite the mortgage. You can get AUS findings with or without the borrower's race being in the application. The findings would be no different.
  • Kas | | 09 Mar 2016, 04:21 PM Agree 0
    Hillary as everyone knows (even the blacks, Hispanics and women know) Hillary is just soliciting their votes---but if she becomes president nothing will change as we the United States of America have come a very, very long way without her! She is pushing our nation backward as she is ranting up a hysteria like belief with minorities that they are ignored and discriminated against. It feels like she is pushing back to 1960's and wanting to come out as a new Martin Luther (but without giving up her life for the cause). Our government has put in various programs over the decades in favor of the minorities.

    Hillary obvious is not for all the people of the United States. Even in flint, a very sad situation....she is grabbing stories that tears at our heart strings. I am smart enough to know she is not for me, or my family, or my 44 year old daughter's future or my 86 year mother and 92 year old father. For her family yes, but not for the rest of the nation! She is trying to set herself up as the white queen and savior.

    I am white and an ethical mortgage broker (just closed my office after nearly 22 years) and prior to that I work in writing personal mortgages for 11 years and did also did several years in process and renting to tenants and did onsite managing.

    I would say There will always be bad apples in business whether it is lending, sales of various sorts, POLITICIANS, Wall Street, bookkeepers, accountants, preachers and I can go on more and more ---we see it on the news and in our lives; but for Hillary to single my profession out and call me a bigot ---well she is simply two-faced.

    I am a white woman, my grandfather a Native American - but do I flaunt it! I am proud of my ancestry including the English, German....
    I was told I could be anything I wanted to be....but never was I told that because I was a woman or that because I have Native Indian ancestry that I needed lifted up.... so I became a mortgage broker and I am proud of it!

    Have I seen discrimination towards others - yes I have -----and one of the worst sectors of society is the underserved ill and homeless and the streets of America - and these people are of all colors. Hillary has not gone there!

    It is a sad fact that the poor, and homeless will always be with us; likewise unfortunately discrimination will always be with us. Our races and ancestries will always be with us! Yet to present oneself other than what we really are is truly cheating to satisfy an ego aim for the Presidency and cheating us out of a great-er nation!











  • KTS | | 09 Mar 2016, 04:39 PM Agree 0
    The Ms (libeless) Hillary accusation of the Mortgage Industry being discriminatory is NOT true. Here comment is false and libelers. I believe she knows she is lying for political gain. Ginning up false allegations is poison to our society.
  • Buff | | 11 Mar 2016, 05:57 PM Agree 0
    That's ridiculous. Nobody gets paid if we turn down mortgages. I can assure you it is something else in the file, ie; credit, ratio's, etc.
  • | | 18 Mar 2016, 06:02 PM Agree 0
    I have been in the industry over 30 years, over 20 of them as a CEO.
    This industry has a history of bias and redlining which was so obvious and egregious as to need to be addressed by the justice department through the mechanism of Federal lawsuits which they WON, forcing lenders and insurers to settle with entire classes of discrimination victims.
    When I started in the industry as an originator in the 1980's I was told that FHA mortgages were primarily for minority borrowers. This was not in some small community bank but a large national lender, and they were charged higher fees on these government mortgages, the bank rationale being, I was told, they were -"riskier". This bank was indeed eventually found guilty and forced to settle for redlining and discrimination.
    So Hillary Clinton isn't wrong when she talks about systemic problems, they are there, some still to this day.
    To say that bias doesn't exist is to deny the legal and factual history of our industry, which according to the old saying, dooms us to repeat it.
    Awareness is the key.
    Equal treatment means a bigger and healthier marketplace, and more business for everyone.
Post a reply