I just read your blog on accountability in the mortgage industry and agree with it. But, being on the other side of the fence, have a slightly different view.

Being on the retail side of it, I did not have any say in what products were offered. What control I did have was over what loans I took, or tried to push through underwriting that may have been shaky.

While many RE Agents are quick to point the finger at the lenders, I (respectfully of course!) point it back at many (there are good lenders and good agents, and bad lenders and bad agents) of them. I couldn't begin to tell you the number of times I looked at a deal, knew it was not in the best interest of the clients, that even though I could probably push it through underwriting, declined to take it. The agent would be furious and would tell me in detail the 75 other lenders who would do the deal and how I would lose their business and so on and so on. Many of them came back 2 hours later with an approval letter from the other lender and rubbed it in my face.

They new what they were doing, and knew the clients situation. In many cases, I would approve someone for the max they could qualify for, say $300,000 and the next thing I know, there would be a ratified contract on my desk for $335,000 b/c they had to escalate to get the deal. Why is escalating over what someone can afford in their best interest?

I have approved people for a certain dollar amount, again say $300,000.

They look for property and get out bid 10 times and then come back and say "Jason, you have to approve them for $375,000." "No can do, they make $40,000/year and are doing 100% financing." The next thing I hear from the agent is that so and so qualified for them for $400,000 and

they are closing next week. Six month's later, the first loan

adjustment takes place and that client calls me, not the person who finally did their loan, but me, to refinance them into something they can afford. "Sorry, couldn't approve you for $400,000 then, can't now.

Call back your agent and have them list your house."

I guess what I am saying, is we are all in this together. Divide and conquer eh? I hope it's not coming to that.

Anyway, I hope I didn't offend you as a real estate agent but being the straight shooter I know you are, I don't think I did... I purposely didn't post this as a comment on your blog b/c it could be taken as mean spirited or name calling, but I would love to hear your thoughts. Am I totally off track?

Having now worked for institutional lenders(Prosperity/Wells) and Portfolio lenders, there is a night and day difference in how I as a lender underwrite deals. The fact that twice a month we have a officer's meeting were the past due list is distributed and every time there is a loan with my initials next to the big boss wants an explanation makes you think about who you are lending to. You are pretty much married to that loan customer until you or they leave the bank. It makes for better lending practices in a sense. You are looking just to close the deal and move on to the next.