Many real estate agents do not realize that mortgage brokers and bankers sign agreements with their wholesale lenders (B of A, Wells, etc) that if a loan goes bad because of differing reasons (fraud mostly), that the banker/broker must buy the loan back.
Imagine being at your desk and getting a certified letter in the mail that says that you owe the lender you sold the loan to $417,000 because their was fraud found on the loan. Come up with the $417,000 in three days or else we will close you down, sue you, revoke your license and find out where your kids go to school.
How about this… Imagine if not only the mortgage people got this letter but the real estate agents started to get the letter and needed to come up with the money if a loan went bad.
Right now, without a massive pattern of fraud that is investigated by the FBI over a long period of time are real estate people held responsible.
It’s like a coach getting fired for his team being bad and the players keep getting paid millions (see the National Basketball Association) for years to come.
OK, fellow agents, how about it? Willing to share the pain?