wearegettingscrewed

Countrywide Financial: Who Didn't See It Coming?

I'm in the industry and I have been saying the same thing for a few years now. Some of the companies I worked for are now feeling the pain, One (option) in particular but I wont say the name. I am quitting, not because I see the company going down hill but how they are treating their repeat customers.

The wholesale side is not to blame except for their loose guidelines but it's the "retention" side which our parent company a large tax firm (square heads) who runs it. The retention side of things "C.R.G" have rates which are 2 pts over that of wholesale, yet it’s our job to convince borrowers after we receive a payoff going with us a “lender” is better then going with a broker. Also stating we are competitive and to cut out the middleman would save you thousands of dollars. A broker with the same deal can take it through wholesale and save 2-3 pts in cost or equivalent in rate for the borrower.

The division has a purpose and that is to offer customers who want to stay with us a cost effective way to sat with us. This seems to have changed and now it feels like “how do we club the unsuspecting customers over the head before they notice and if we loose a few who cares they will come back through wholesale”.

Its sucks turning down so many people now a days because of the repercussions of our companies greed and others. A large portion of our clients could have received longer terms and lower rates but were enticed by brokers and us "CRG" to do 2/28’s. I feel this product is unethical and I still think they should be proactive with loan modifications to avoid further imploding of theirs portfolios.