Would you join an ethical loan officer organization?

Erik · #1 (**permalink**) 05-24-2007, 01:59 PM

Somebody is working on one of these and wants to offer a special deal to members of MBL. So, I want to see if there's any interest out there.

From what I understand, this is how it would work:

Each member would have a special web page that would include the regular stuff like contact info and then there would be an opportunity for former clients to leave reviews, good or bad. The point would be to show future potential customers that you are part of the "ethical" organization and you have glowing reviews (if you get them) from past customers.

So what do you think? Would you take these guys up on an offer for 30-90 days free (or possibly more) and join up? I don't want to spill too much info that I'm not supposed to, but I think they would be charging $99 per year for the membership after any initial free period by signing up through your hookups here at MBL.

It sounds like a good idea to me.

Mac · #2 (**permalink**) 05-28-2007, 07:47 PM

Where does the "Ethical" part come in? Just by belonging and having a web page?

Just who is this ethical organisation?

Erik · #3 (**permalink**) 05-29-2007, 08:12 AM

Good questions and since I don't have the official answers I'll just have to paraphrase and hope I come close to the right answer. I think the "ethical" part comes from a joint statement that every member says they agree with and operate by.

As far as I know the plan is to allow member's clients to post comments, for good or ill, about the loan officer and issue an overall rating. The comments and ratings will then be available for any borrower to check on. I'm not sure how they will combat things like fake comments and ratings, so I can't answer any questions along those lines but that would be good to know. The integrity of the comments and ratings is key for this organization, IMHO.

So I suppose the short answer to your question is probably that the "ethical" part does come from being a member, being listed on their site, and agreeing to originate by the rules of ethics they publish.

Mac · #4 (**permalink**) 05-29-2007, 08:27 AM

Erik, I can't speak for anyone else but personally I'd like to see more L/Os involved in their state and national Mortgage Broker Associations before signing up for another webpage.

The "ethical" orgaizations are already out there.

Maybe a poll here is in order:

Do you belong to your state and national associations?
If not, why not?

Yeah, I know, another webmaster doesn't make any money doing it my way.

Erik · #5 (**permalink**) 05-29-2007, 03:45 PM

That's valuable feedback, Mac - thanks.

Mac · #6 (**permalink**) 05-29-2007, 08:18 PM

I didn't mean that to come across as harsh as it sounds now that I look back at it. My sincere apologies if I offended anyone.

Erik · #7 (**permalink**) 05-29-2007, 10:27 PM

It didn't come across harsh to me and I think you had a valid point.

florida man · #8 (**permalink**) 06-01-2007, 02:19 PM

This is nothing more than a form of advertising.

define 'ethical' ?

I just lost 4 deals last week because i put down the REAL charges on the GFEs, and other bastards put down basically they are doing it for free.

If you mean ethical as in no option arms or stated w2 / fixed income, -of course . I have never done an option arm .

If you mean 'ethical' as give them a loan for 'excessive fees' -then define that.

Its 'ethical' to charge a borrower 6% as a real estate agent? How about the huge profit gouge 'title insurance' ?

Did you know, the banking and real estate community has RESOUNDLY gathered around together and are going to blame US soley for any and all fall out from the refi over- boom?

Nobody ever ONCE questions this absurd 6% real estate fees. Its not even remotely possible to think nobody thought of this before. Its all about who has the deepest pockets, -ie National ass of Realtors, BANKS , Credit unions , and wholesale lenders. They have the lobbying power. Our NAMB is lame ass bush league in comparison.

We are the scapegoat, and no 'ethical broker smokescreen ' is going to save us. Stick to the 'ethical ' bs on your advertising mailer.

Erik · #9 (**permalink**) 06-01-2007, 05:07 PM

Well, yeah, I think it is mostly for advertising purposes. Or at least that's the vibe I got while talking to this guy.

I'm not exactly sure what their definition of ethical is... so obviously if you don't agree with it you aren't going to join it - I think that's pretty much a no-brainer.

Anyway, good feedback. Thanks Tom.

1003s.com · #10 (**permalink**) 06-20-2007, 07:07 PM

LOL Tom,

NATL ass of realtors, I had not heard that one before, but I like it.