kay in Fairfax, Virginia said: With investors trying to find any reason to have loans bought back by originating lenders is anyone in my boat? Loans that were closed over a year ago and coming back from investor (because of non-performance) are being fully blamed on underwriters. The greed to get loans approved for any reason and the loans go "belly up" has cost me my position.
Haven't had this happen yet, but we can feel it coming. It really stinks. We underwriters did not develop loans with 100% financing and no income verification, but we were told to follow those guidelines from mgmt, weren't we?? Mgmt wanted loans approved and told underwriters to approve them - everyone got their cut of $$$, mostly the loan officers receiving high commissions and the managers receiving bonuses. Now when things have gone bad, they are blaming the peons who were forced to approve the loans in the first place.