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. Â 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… Â 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? Â Willing to share the pain?
