Most people in the lending industry who made $10k-$15k a month did it by screwing people and taking advantage of the borrower’s ignorance.
They didn’t make that money because they deserved it or even knew what they were doing. The more you screw the borrower in rate and fee, the more the company makes, the more you get on your paycheck. Simple,
Just like a boiler room operation.
Very few were able to truly explain the nuances of ARMS or advise the borrower about what was really best for their sitaution. Negative Amortization loans paid the highest commissions in the industry, which is the ONLY reason many people are in them, and owe more today than their loan started with. Worst loans EVER invented for the borrower, Best EVER for the lender.
There was no need for so many people in the industry, especially the theives, of which there were plenty, and still are. They weren’t missionaries from church sent to help people.
What is amazing is that these people thought that sort of income would last forever and spent money like water.
Just like those that thought houses would go up forever, including the ignorant real estate agents whose income depended on perpetuating the myth.
I have no sympathy for anyone who made $10K a month and is out of work now.
There are people today that are losing their houses because of unethical advice that they heard from loan folks or real estate agents.
It was a sales job based on commissions. In ANY industry, commissions breed fraud.
Some people come out of college with 4 or 6 years (or more) invested and cannot make $40K with an education and someone goes from
waitress to a gravy train of $120K a year and then broke ?
Give me a break!
And another thing, regarding “equity lines of credit, refinance loans for which she receives just $400 per loan instead of her usual $600 fee”
Most people are getting doubly screwed by getting a HELOC through a broker, a processing fee of $400 for that is a ripoff.
It’s not like we’ve had a brain drain of highly educated, ethical, honest people who had integrity.
Kinda like having a house with no equity, if you walk away, what have you really lost ?
IT WAS A SALES JOB, there’s plenty others out there, go find your next victim.
There’s a sucker born every minute……
Other than the above, my opinions on the matter are limited.
