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Mortgage Creative Writing Challenge: I can get anyone approved! 100% financing stated w/600 score

Mortgage Broker's Office June of 2005: 

So you say that you want to buy a house & you have no money to work with?

NO PROBLEM!! We have stated income loans up to 100% financing with a 6% seller assist!

You are recently self employed? 

NO PROBLEM!! As long as you have more than 2 years on the job, we CAN HELP!!

You want to buy a home for $300,000 but can only afford a payment of $1,200 per month?

NO PROBLEM!! We can give you a pay option ARM that has a minimum payment of 1%. 

You want to buy a 3 unit investment property & we can't verify your income or assets, you have fixed income & you want 100% financing with a 6% seller assist?

NO PROBLEM!! Not only do we have a program but we'll also give you a rate in the high 7's WITHOUT mortgage insurance. And if you would like to buy more than one, we have several lenders that offer this program. 

So you can't verify your income, your assets, your job, you want to buy a $400,000 home with no mortgage insurance, you don't want to escrow, you have 5% but you want the seller to pay for all of your closing costs & you don't want to do a full appraisal because there are possibly some issues with the interior of the property but the exterior is fine?

NO PROBLEM AT ALL!!! We can finance you today!!

You want creativity? We don't need to be creative at all! The gurus at all of the subprime mortgage lenders are more creative than any of us!! Everyone who reads this blog don't think for one second that what I was saying here was a joke.  It's not!  It is however the mortgage business prior to December of 2006.  How could this have happened is the question that many people continue to ask. Or why are things so horrible in the mortgage industry right now. My reply is always how could it not have happened. Creativity is not needed. Realty is! 

Joe Gonzalez
Branch Manager
1st Metropolitan Mortgage - In Jason's backyard!

For help or questions contact:

Joe Gonzalez

Senior Loan Consultant -  NMLS #126036
GMH Mortgage Services, LLC
625 W. Ridge Pike, Building C, Suite 100 | Conshohocken, PA  19428 | Direct: 610-355-8039 |  Cell: 610-739-6563

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Comment balloon 8 commentsJoe Gonzalez • March 28 2008 11:55PM

Comments

Are you out of your tree? Just asking!! Do you have any clue at all? Isn't it fair to at least mention that only people with a credit score of 720 or higher will qualify for maybe 1 of your offers? Is it reasonable to think that maybe you should not rope people in without at least being honest and up front in your advertising? How many people will respond to an ad like this? How many will actually qualify? Don't you just make more work for yourself by turning so many down?

I guess it is an ego thing, puff up the add, don't answer the phone later. Good Luck!! Learn some more, submit more files for these programs and then be creative!

Posted by Julie Hite (Guaranteed Home Mortgage Company, Inc.) over 10 years ago
Wow... I am so glad I got out of Mortgages!
Posted by Dane Briggs, GRI, ABR, CNE, MRE (Firebird Realty) over 10 years ago

Ummm, Julie, did you actually read the entire blog?  No really, I mean did you? Obviously you never did!  So before you write a comment blasting me, you would see that the last paragraph stated: 

You want creativity? We don't need to be creative at all! The gurus at all of the subprime mortgage lenders are more creative than any of us!! Everyone who reads this blog don't think for one second that what I was saying here was a joke.  It's not!  It is however the mortgage business prior to December of 2006.  How could this have happened is the question that many people continue to ask.  My reply is always how could it not have happened. Creativity is not needed. Realty is! 

The reason for all of the problems that we currently have are because of the banks insatiable appetite for higher profit margins.  They lowered credit standards to the point that ANYONE could get a mortgage. If you were in the business during this time you would know what was being offered. NOT A ONE OF THESE PROGRAMS ARE CURRENTLY BEING OFFERED! Also just for your info, not only do I have 12 years experience in the business & as well as very satisfied customers, I also give seminars to realtors & I am known as an authority in the mortgage business for the latino community.  Furthermore, this entry WAS NOT AN ADVERTISEMENT. I was making a point with the creative writing contest saying that the subprime mortgage industry was so ridiculously creative that they are a huge part of this MESS!!

This brings me to another point.  People who respond to blogs just to get points.  Don't respond just to get points.  Make sure you read the entire thing & then respond intelligently.

Posted by Joe Gonzalez, NMLS# 134407 (610) 739-6563 (GMH Mortgage Services LLC) over 10 years ago

Joe: Well I read the post. 8-)

I remember being in settlements and thinking: "HOW did they get a mortgage?" Really, if you had a pulse and a cell phone, you got a mortgage. But as they say, if it looks too good to be true...Now everyone is paying for the greed of the industry.

I believe it is now the responsibility of those left standing (ethical and professional folks) to educate the public and bring credibility back to the industry.  

Posted by Tara Colquitt, Credit Counselor (Tara Colquitt, The Credit Woman, LLC) over 10 years ago

Joe,

Awesome post!!  Things truly did get out of hand because of lender greed.  While it's a frustrating time for a lot of honest folks in related industries, things will be a lot better once the dust settles and lenders get back to some "old school" underwriting that makes sense. 

It's kind of ironic that a now defunct lender, whose tagline was "Don't judge too quickly.", titled their sales training program "Creative Equity".

Posted by Derek Bough over 10 years ago

I'd be one of the "honest folk" that got screwed by all this.  Or at least I'm ABOUT to be - got an ARM, 100% financed, low credit score, interest only payments - the whole bit.  my adjustable rate kicks in next month - we'll see how long we can handle it!

My husband and I both have good jobs and few other expenses but we didn't really HAVE any credit and didn't know much about buying a house - we just knew we didn't like living in an apartment anymore and wanted a place of our own!  We bought a reasonable priced home but had no clue what we signed up for with the kind of mortgage we got.  And had our finance guy OR our relator told us what any of the paperwork ACTUALLY meant we would not have signed it!!!!!  But they just make the deal sound good, and they don't really explain the details.  And we didn't know any better because we were young and 1st time home buyers!  We trusted THEM to do what was right for US and clearly shouldn't have.

Posted by Sara over 10 years ago

great post joe -  the real truth!

Posted by Lewis Poretz, Mortgage Loan Officer - Lending in 50 States (Bank of England Mortgage) over 10 years ago

Joe, folks like Sara (above) is what makes me keep giving 'free' information to everyone I talk to. It is so hard for most to get honest and educated advice. It is one of the best things about AR.

Posted by Tara Colquitt, Credit Counselor (Tara Colquitt, The Credit Woman, LLC) over 10 years ago

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