Comments on: I am a Mortgage Dispenser http://raincityguide.com/2007/09/26/i-am-a-mortgage-dispenser/ Seattle's Leading Resource for Real Estate Information Fri, 19 Mar 2010 23:12:07 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Rhonda Porter http://raincityguide.com/2007/09/26/i-am-a-mortgage-dispenser/#comment-186255 Rhonda Porter Fri, 28 Sep 2007 15:52:20 +0000 http://raincityguide.com/2007/09/26/i-am-a-mortgage-dispenser/#comment-186255 tj, thanks! That is an excellent article that slipped by my radar. :) tj, thanks! That is an excellent article that slipped by my radar. :)

]]> By: tj http://raincityguide.com/2007/09/26/i-am-a-mortgage-dispenser/#comment-186240 tj Fri, 28 Sep 2007 15:18:05 +0000 http://raincityguide.com/2007/09/26/i-am-a-mortgage-dispenser/#comment-186240 Hi Rhonda, I hope the link works. http://money.cnn.com/2007/09/26/real_estate/few_loan_modifications/index.htm?postversion=2007092617 And here is the part I mentioned: "In some cases, if borrowers overstated their income on their original loan application to buy more home than they could afford, they're reluctant to admit that to the servicer since lying on a loan is illegal, said Allen Hardester, a mortgage consultant in Maryland. " Hi Rhonda, I hope the link works.

http://money.cnn.com/2007/09/26/real_estate/few_loan_modifications/index.htm?postversion=2007092617

And here is the part I mentioned:

“In some cases, if borrowers overstated their income on their original loan application to buy more home than they could afford, they’re reluctant to admit that to the servicer since lying on a loan is illegal, said Allen Hardester, a mortgage consultant in Maryland. “

]]> By: Introducing Jillayne D. Vader | Rain City Guide | A Seattle Real Estate Blog... http://raincityguide.com/2007/09/26/i-am-a-mortgage-dispenser/#comment-185980 Introducing Jillayne D. Vader | Rain City Guide | A Seattle Real Estate Blog... Fri, 28 Sep 2007 03:06:35 +0000 http://raincityguide.com/2007/09/26/i-am-a-mortgage-dispenser/#comment-185980 [...] Introducing Jillayne D. Vader September 27, 2007 Jillayne asks “How come I always get stuck with the Darth Vader topics?” (see comment 15). [...] [...] Introducing Jillayne D. Vader September 27, 2007 Jillayne asks “How come I always get stuck with the Darth Vader topics?” (see comment 15). [...]

]]> By: Jillayne Schlicke http://raincityguide.com/2007/09/26/i-am-a-mortgage-dispenser/#comment-185974 Jillayne Schlicke Fri, 28 Sep 2007 02:50:00 +0000 http://raincityguide.com/2007/09/26/i-am-a-mortgage-dispenser/#comment-185974 That's what we have now in mortgage lending: subjectivism with no boundaries other than state/fed law and limited government resources to regulate their laws. An individual's value system can work well in life. However, once an individual steps into the role of a worker and wants to call himself or herself a professional, the profession would provide its workers with a "bible" for lack of a better word. Your own values can guide you, but the profession's code would be the framework of operation. Mortgage lending is in its infancy when compared to other professions that are highly morally developed. Even the Realtor Code has been around for 100 years. That’s what we have now in mortgage lending: subjectivism with no boundaries other than state/fed law and limited government resources to regulate their laws.

An individual’s value system can work well in life. However, once an individual steps into the role of a worker and wants to call himself or herself a professional, the profession would provide its workers with a “bible” for lack of a better word. Your own values can guide you, but the profession’s code would be the framework of operation.

Mortgage lending is in its infancy when compared to other professions that are highly morally developed. Even the Realtor Code has been around for 100 years.

]]> By: Rhonda Porter http://raincityguide.com/2007/09/26/i-am-a-mortgage-dispenser/#comment-185969 Rhonda Porter Fri, 28 Sep 2007 02:26:41 +0000 http://raincityguide.com/2007/09/26/i-am-a-mortgage-dispenser/#comment-185969 I forgive you, Jillayne. I do believe it comes down to the individual and what their values and personal code of ethics are. Don't you? I guess you certainly would not want to work for a company with no values or values that are far stretched from your own. But when it comes right down to it, it's all about who we are at the core. I forgive you, Jillayne. I do believe it comes down to the individual and what their values and personal code of ethics are. Don’t you? I guess you certainly would not want to work for a company with no values or values that are far stretched from your own. But when it comes right down to it, it’s all about who we are at the core.

]]> By: Jillayne Schlicke http://raincityguide.com/2007/09/26/i-am-a-mortgage-dispenser/#comment-185967 Jillayne Schlicke Fri, 28 Sep 2007 02:21:28 +0000 http://raincityguide.com/2007/09/26/i-am-a-mortgage-dispenser/#comment-185967 Size does matter (and a cigar is never just a cigar.) Short codes are often written that way on purpose. Ambiguous and vague language leaves a WIDE range of latitude for acceptable behavior. Here is another example from the NAMB Code: "Members shall conduct their business in a professional manner." Well, what does THAT mean? When codes are too vague, they fail to be useful or helpful for their members. On the other side, codes that are too specific are often too rigid, and end up sounding more and more like laws or absolutes. In order to be effective, a professional code ought contain the following elements: Clearly written Understandable Guide behavior Useful Apply to everybody (not just some of the workers) Spell out the common values of that industry. Forgive me for being the graduate student that I am. One more quarter to go. A code would never tell the reader what to do in every single situation. Instead, a code would guide the reader to reflect on all the possible right answers. It's still up to the individual to act, with good reasons to back up the action. Size does matter (and a cigar is never just a cigar.)

Short codes are often written that way on purpose. Ambiguous and vague language leaves a WIDE range of latitude for acceptable behavior. Here is another example from the NAMB Code:

“Members shall conduct their business in a professional manner.”

Well, what does THAT mean?

When codes are too vague, they fail to be useful or helpful for their members. On the other side, codes that are too specific are often too rigid, and end up sounding more and more like laws or absolutes.

In order to be effective, a professional code ought contain the following elements:

Clearly written
Understandable
Guide behavior
Useful
Apply to everybody (not just some of the workers)
Spell out the common values of that industry.

Forgive me for being the graduate student that I am. One more quarter to go.

A code would never tell the reader what to do in every single situation. Instead, a code would guide the reader to reflect on all the possible right answers. It’s still up to the individual to act, with good reasons to back up the action.

]]> By: Rhonda Porter http://raincityguide.com/2007/09/26/i-am-a-mortgage-dispenser/#comment-185949 Rhonda Porter Fri, 28 Sep 2007 01:41:06 +0000 http://raincityguide.com/2007/09/26/i-am-a-mortgage-dispenser/#comment-185949 tj, do you have a link to the CNN piece that you're referring to? I would love to read it. tj, do you have a link to the CNN piece that you’re referring to? I would love to read it.

]]> By: Rhonda Porter http://raincityguide.com/2007/09/26/i-am-a-mortgage-dispenser/#comment-185948 Rhonda Porter Fri, 28 Sep 2007 01:40:28 +0000 http://raincityguide.com/2007/09/26/i-am-a-mortgage-dispenser/#comment-185948 Jillayne, Does size matter with a code of ethics? :) You say it's only one page long... Jillayne,

Does size matter with a code of ethics? :) You say it’s only one page long…

]]> By: Jillayne Schlicke http://raincityguide.com/2007/09/26/i-am-a-mortgage-dispenser/#comment-185929 Jillayne Schlicke Fri, 28 Sep 2007 01:16:42 +0000 http://raincityguide.com/2007/09/26/i-am-a-mortgage-dispenser/#comment-185929 Not much better. Still only one page long. Not much better. Still only one page long.

]]> By: Rhonda Porter http://raincityguide.com/2007/09/26/i-am-a-mortgage-dispenser/#comment-185895 Rhonda Porter Fri, 28 Sep 2007 00:33:24 +0000 http://raincityguide.com/2007/09/26/i-am-a-mortgage-dispenser/#comment-185895 Okay, Jillayne...I'm probalby going to poke myself in the eye for asking this... what is the Mortgage Bankers code of ethics? Okay, Jillayne…I’m probalby going to poke myself in the eye for asking this… what is the Mortgage Bankers code of ethics?

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