Close your own loan revisited

Here we go again. Trust me, I am not trying to belabor the point from my earlier blog, but hey, they are sending this…stuff.. to me. Here is the lamest, I mean latest in their spam series that really is such a disservice to the consumer.

And I quote, "Is it realistic to expect a Loan Officer to memorize all of the details of every loan program without making a mistake? At Close Your Own Loan.com, we use a state of the art automated underwriting engine. This sophisticated computer underwriting system is able to analyze every aspect of an applicant's ability to qualify and has streamlined the loan process to the point that we no longer need an employee who reads underwriting guidelines and manuals to understand who qualifies for which loan. We have eliminated the Loan Officer.

Don't worry. You won't have to figure out how to use this system. Once you complete the online application and send the requested information to one of our experienced Processors, they will run your file through this automated underwriting engine. Your Processor will ensure the loan you selected is immediately and automatically approved and a full blown loan approval will be issued at this time. "

The person that wrote this does not even have a fundamental knowledge of how the mortgage industry operates. Yes, the "Loan Officer" as they call it, sounds so official doesn't it, in actuality a Loan Originator, is expected to ACTUALLY READ the loan application and understand the file. That is their job. And yes, they are expected to get it right. They are also expected to analyze the borrower's situation and based upon the Loan Originators training, skill and experience make recommendations that go way beyond any underwriting engine now in existence which brings me to point two: Every mortgage company that has been in business more than a week uses automated underwriting, it is the industry standard and a requirement of every Fannie Mae and Freddie Mac loan. What's so special about that? Point three: It is the underwriter whose job it is to understand underwriting guidelines and verify the findings of the automated underwriting engine. I like how they do not have employees who read the file, they have processors, what do they have for processors, trained monkeys? Here is my favorite... wait for it... "Your Processor will ensure the loan you selected is immediately and automatically approved and a full blown loan approval will be issued at this time. " No qualifying, you just get approved. OK then, why bother with applications and underwriters? Everybody out there with a 500 or lower credit score you are THERE! Go to closeyour loan.com tm and demand your approval and do it now.