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jbelman
254 Posts |
 Posted - 07/13/2008 : 1:42:36 PM
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I have a question if you guys can help out a colleaque of mine. I have a friend of mine who is on the Mortgage Broker Bussiness and not surprisingly he is low in business maybe 1 deal every two months or luckily 1 every month and he has decided to look for another job at the same keep his loan officer job. He found a position with a retail bank who offers him an underwritting job.. Now the question is would there be a problem my buddy originating wholesale loans and having a part time job at the same time with a retail bank as an underwritter ? ?
I would think not if he doesnt send business to the bank he is applying for but again I dont know ..
What do you guys Think ? |
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dtabar
748 Posts |
Posted - 07/13/2008 : 2:13:24 PM
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| check the contract..but my underwriter at charter funding was only allowed to originate loans under Charter Funding. Of course she couldn't underwriter her own files.. |
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MisterVA
6222 Posts |
Posted - 07/13/2008 : 2:17:13 PM
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| Does the new company offer FHA? That is only one of many reasons this is a bad idea. |
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cspatmon
1638 Posts |
Posted - 07/13/2008 : 3:09:49 PM
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The best advice to give your friend would be to read the contract. They may or may not view it as a conflict of interest. FHA a different set of regs.
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jbelman
254 Posts |
Posted - 07/13/2008 : 6:54:09 PM
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| Gotcha Thanks |
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visionmtg
533 Posts |
Posted - 07/13/2008 : 6:59:29 PM
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Also, let your friend know how extremely lucky he is to go from being in sales to pulling an underwriting gig! I've got a lot of underwriter friends who've been u/e for over a year & still can't find anything unless they have a DE which the majority of them don't.
quote:
Originally posted by jbelman
I have a question if you guys can help out a colleaque of mine. I have a friend of mine who is on the Mortgage Broker Bussiness and not surprisingly he is low in business maybe 1 deal every two months or luckily 1 every month and he has decided to look for another job at the same keep his loan officer job. He found a position with a retail bank who offers him an underwritting job.. Now the question is would there be a problem my buddy originating wholesale loans and having a part time job at the same time with a retail bank as an underwritter ? ?
I would think not if he doesnt send business to the bank he is applying for but again I dont know ..
What do you guys Think ?
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jbelman
254 Posts |
Posted - 07/14/2008 : 09:17:02 AM
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quote:
Originally posted by visionmtg
Also, let your friend know how extremely lucky he is to go from being in sales to pulling an underwriting gig! I've got a lot of underwriter friends who've been u/e for over a year & still can't find anything unless they have a DE which the majority of them don't.
quote:
Originally posted by jbelman
I have a question if you guys can help out a colleaque of mine. I have a friend of mine who is on the Mortgage Broker Bussiness and not surprisingly he is low in business maybe 1 deal every two months or luckily 1 every month and he has decided to look for another job at the same keep his loan officer job. He found a position with a retail bank who offers him an underwritting job.. Now the question is would there be a problem my buddy originating wholesale loans and having a part time job at the same time with a retail bank as an underwritter ? ?
I would think not if he doesnt send business to the bank he is applying for but again I dont know ..
What do you guys Think ?
Can you explain what u mean by u/e and DE ? ? ? ? |
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mganovsky
1910 Posts |
Posted - 07/14/2008 : 09:25:36 AM
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| A DE Underwritter is one who is FHA approved and can underwrite FHA Loans |
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velecico
3622 Posts |
Posted - 07/14/2008 : 09:28:17 AM
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I had a net branch manager that was a DE and he wrote his own loans |
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mganovsky
1910 Posts |
Posted - 07/14/2008 : 09:57:28 AM
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| Nick I would call that a classic case of a conflict of interest. Just like there was a local bank here that was bought by National City that gave there senoir LO's the authority to just "sign off on" there own loans if they felt the loan was a good one regardless of qualifications or guidelines. |
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jbelman
254 Posts |
Posted - 07/14/2008 : 10:09:12 AM
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Im not sure if made my question clear.
Loan officer working for Broker A and at the same time working for Wells Fargo Underwritting. Is that a problem ? ?
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