Countrywide's Memo And A Broker's Outrage
A mortgage broker writes into the Realty Check mailbox, quite enraged about a memo she received from Countrywide . I called the nation's largest lender to get the document verified. Officials there say it is real, although part of an even larger document. I've asked for a response from Countrywide, and I will post it should I get it.
And here's the take from the broker:
As a mortgage broker who takes my clients and my career quite seriously I was appalled at this "message from Countrywide". If you get to the paragraph about "mortgage industry has shifted toward a retail bias" it seems Countrywide is trying to lay the blame at the brokers and slamming our practices! We can only sell what the market offers us. And Countrywide offered a lot of subprime and Alt A products. Any loans which were originated under those programs had to adhere to quality control practices implemented by the funding entity itself( and whoever they were selling it off to). To try and say that the brokers did anything otherwise is ridiculous!
As a broker who consistently uses FNMA/FHLMC and FHA products first I feel Countrywides Todd Dal Porto is just plain wrong. Perhaps they were marketing products to the broker network that were more profitable to them than plain old vanilla agency stuff!
Commercial and Residential Real Estate Financing Consultant
Update: I received this statement from Countrywide after I posted: Questions? Comments? RealtyCheck@cnbc.com
"Countrywide remains focused on working with mortgage brokers that are adapting themselves successfully to the company's strengthened lending standards and revised product options. We continue to believe that these mortgage brokers play a critical role in the mortgage process -- providing their customers with the information needed to make informed financing choices, a practice that ensures quality loans and good customer relationships."
Questions? Comments? RealtyCheck@cnbc.com