Find Us:

Underwriters under pressure

I believe that in 2008, less contracts will fall apart. Crusaders like Ralph R. Roberts are making things happen by exposing the truth about mortgage businesses, but lets face it, market forces have placed mortgage companies on notice. Here's a tidbit from Ralph about the nature of underwriters and their role in mortgage businesses posted at the always informative website Flipping Frenzy "The underwriters were reminded daily of all the companies like theirs that were shutting down as a result of the mortgage meltdown and that their company was one of the few survivors. They were told to keep closing loans. With all of those other companies going out of business, they now had a golden opportunity to increase market share and become the lender of choice. They were told that management was aware and that they were over staffed, but because they were doing so much business, nobody would have to be laid off. They didn't have to worry about having a job as long as they continued to close … [Read more...]