Years ago when I first started in the Michigan mortgage businessI went to a company sponsored conference at Bushwood Golf Course. They had a little banquet center that the company I worked for rented out. The company was the 2nd company I worked for in the mortgage business and I only worked there for a year. Let's just say my philosophy and their philosophy of how to treat people were totally different. I left the company shortly after their seminar.They had a big producer that they were showcasing at this seminar. This guy made a lot of money each month and was one of their top producers. Well what they did, was have this guy get up and tell how he made $12,000 or $16,000 ( I can't remember which amount) in fees off one borrower in two loans. It was such a ripoff to the borrower. But they were so proud that this guy made this money. The company wanted the other loan officers to be like him.
I was disgusted. It usually took me 8 -12 loans to make that kind of money. I could never understand how "bend them over" loan officers could sleep at night. There were guys that made $5000 -$10,000 in fees off people. They never thought anything of it!
Luckily the sub-prime business blew up. Many of those dirt bags no longer have a product to sell, no longer can take advantage of people. The star was fired or let go from the company because too many borrowers were calling. Too much liability to keep him on. Many of those "bend them over" guys are gone from the mortgage business. The company was sold and no longer exists. Sub- prime loans don't exist and many borrowers are safe from the dirt bags. ( Let me note that not all sub-prime mortgages were bad. Nor were loan officers that did sub-prime mortgages all dirt bags. Many were good people but there were a percentage that were unscrupulous and had no true concern for the borrower. All they cared about was how much they were making)
Bushwood Golf Banquet Center has changed too. It is now George's Senate Coney Island, located on Dun Rovin Dr in Northville Michigan.
George's Senate Coney Island has a liquor license, serves good food. It is a great place for breakfast or a casual dinner on George's outdoor patio. On Friday and Saturday nights they have a one man band singing or playing the guitar on the patio. It is surrounded by flowers and the golf course.
Sitting there tonight at George's Senate Coney Island in Northville MichiganI realized how good things have come out of this place. I left that company and went on to make a solid mortgage business by treating people right and charging less. The sub-prime business is gone but I still survived. George's has replaced the banquet center. The US mortgage business is a better place without some of the sub-prime low lifes.
Ah it's a great to sit back, enjoy the food, enjoy the breeze, and enjoy the music.
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My Month of December quote:
~ Mark Twain”
Russ Ravary
"helping make your move easier"
your local Metro Detroit Realtor helping clients like you sell and buy homes through out the entire Metro Detroit suburbs. I love showing and selling Oakland County and Livingston County Lake front homes too.
Good for you -- riding out the scum bags!
This caught my eye because I used to live in Northville and play golf at Dun Rovin golf club -- if it is still there -- way out on 5 mile --- probably not way out now.
Don't miss the weather -- but do get homesick every once in a while.
Russ,
Appraising in Northern Michigan, I worked for a couple years with a mortgage loan officer who fit the category you describe. His gig was that, with rising values during that era, every year he would refi the same people at a slightly lower rate, but stealing their equity gains in points and fees. I worked with him until the light went on as to what he was doing and then refused his appraisal requests thereafter. Unfortunately, those borrowers never saw through his racket and each year started a new 30-year mortgage.
Richard,
I am proud of you. It takes a good man to stop the bleeding of others.