H. Michael Arguello_

Mortgage Delinquencies Continue to Climb, Watch Out for Other Loans

I agree with Miami on the POAs, I'm gonna have to disagrere with Willi. As a former supervisor of mortgage originators, I would frequently test job candidates and existing LOs to see how well they understood POAs (I was not a fan of POAs and they were not necessary in my market like they were in FL and CA).

Only 1in7 were able to understand the concept of a negative amortization loan tied to a variable rate structure and the financial explosion that would occur in a rising rate/depreciating market. To be fair, I got the impression many didnt give a damn beyond the commission and simply didnt want to learn. Still, having World Savings reps running around with their claims that their u/w models had been backtested thru the Great Depression did not help.