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Fraud, defects in mortgage apps hit four-month high

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Mortgage Professional America | 04 May 2017, 08:15 AM Agree 0
‘Speed-buying’ is likely a contributing factor to the rise of defects and fraud in mortgage apps, one economist says
  • Don | | 04 May 2017, 09:19 PM Agree 0
    You have to be kidding. Lending historically has always had a "element" of risk. We now are in a atmosphere where risk is unacceptable. Only perfect deals, and one's that make a lot of money are "acceptable". Lost a deal on a $65,000 refinance on a non-owner occupied "Condo" requesting cash out. Credit score over 800 and a ton of liquid assets. Overlays bumped up the rate to a very high rate. Eventually was told, "It's to low of a mortgage amount, we don't want it".

    What has happened to our Customer Service? Yes, maybe can't make a lot of money but would't it be better to do a good deal for this client, have a satisfied client who then set the groundwork for Referral business?

    Just a thought.
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