It is apparent to us all that both our government and the public have lost their trust in our industry and most of the participants. This is not a suspicion it is a fact. And the reason is clear: we have breached the trust that we claim is our business birthright.
But the purpose of this treatise is not to place blame although much could be written. The purpose here is to direct the readers’ attention to a solution we can and should embrace. We must do something before another government agency is formed, before another investigation is started, before our livelihood is taken over by actions that will literally destroy our mutual future.
We must police ourselves. This tactic is long overdue. Recently I read a thread on the web where readers were asked for their opinion as to what they should or would do if they knew that a peer was lying about something so mundane as their own volume of originations.
Having spent much time at “Liars Club” meetings since the mid ‘60’s, I am all too familiar with the actions of the past. But even after the recent fall out, the recent spate of lawsuits, the overreaching laws, rules and regulations enacted to bring us to our senses have done little to change the minds of most of us.
What surprised me about the thread was that almost all respondents had the same attitude. There was no recognition of consequence. Almost everyone stuck their heads firmly in their own files and gave the very distinct impression that it was none of their business. In my opinion, this has been the attitude of the overwhelming percentage of the members of our industry for much too long.
The thread went on, by a very small number of writers, to opine that loan officers who would lie about something so mundane would possibly lie about more serious issues in the mortgage process. My own comment to the thread was “liars lie. When are we going to start to realize that we must police ourselves."
Dear reader, this was the end of the comments. No one saw the meaning. No one picked up the concept. It was much too heavy.
I propose a very simple concept. Test integrity before hiring. Test the level of ethical behavior that a prospective employee possesses.
Too many times I’ve been told that it cannot be done. But I guarantee it can.
Will you join me in this? I have the idea. Lets start somewhere.
What is needed is a resolution by the leaders of your organization to support the concept, followed by a small contribution to fund the creation of a nationwide test.
I’ve already spoken to many people, nationwide, but I need your help.
Let’s change the world!
Ralph LoVuolo Sr. has coached successful mortgage originators for almost 25 years. He can be emailed at firstname.lastname@example.org.