Overall, I think the honest answer to this question is know. I have been a lender myself, or bank rather. I have had my hands in many areas of this industry, and I think what did people in was actually something that stemmed from years ago. When what we call the “housing boom” occurred, many were dealing with loan officers that were more like “Salespeople”. As much as I had my own techniques in dealing with people, I never wanted to come off like a car salesman. It used to be the running joke, that those who didn’t make it as car salesman became mortgage brokers, and brokers who couldn’t make it became car salesmen.
The one bonus that I do think came as a result of our housing crisis, is the group of people that are still standing and are working in the business today. These people are the ones you want to deal with, because they won’t get out of the business no matter what. Sure, that isn’t to say that anyone who moved on wasn’t honest or worth dealing with, but a majority of people who left the business really shouldn’t have been in the business in the first place.
I think that streamlining the process, and keeping bankers and brokers educated is the key, and putting processes into place to make sure that things are being done correctly is so important. Checking and double-checking is a lost art, and there is no doubt about it that many didn’t take this crisis seriously. Those who are dealing with your money and emotions should know better, and most of all we need to get back to the basics and be accountable for our actions.
-Mayer Dallal
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