Greenlight Financial Takes a False Start
With mortgage companies like New Century, Option One, and Countrywide making headlines lately, I thought it would be an opportune time to post our latest entry. Our friend Mark was looking into obtaining a loan for a new house last week, and started making inquiries to local mortgage companies. He received an advertisement from Greenlight Financial, and decided to look into what they offered.
He spoke with a representative on Monday expressing INTEREST in getting a loan, and gave Greenlight his name, phone number, and PO Box. That’s it. Mark hadn’t even mentioned that he actually WANTED the loan, just that he’d wait to hear back from Greenlight on the details.
Two days later Mark received a call from a local Notary asking if he’d be home that evening. Why? Because Greenlight had provided the Notary with Mark’s completed loan, and the Notary would be coming to get his signature!
WTF? Apparently telling a mortgage company that you are “interested” in getting a loan translates to: Please look up my personal information, run my credit score, check my job history, and draw up the docs for a loan so I can sign off on it before I have made up my decision to buy a house.
Is it any wonder why mortgage lenders are in trouble lately? It’s this kind of desperation to make numbers that has put them in this situation to begin with. Now granted Mark has good credit and a job, but had he not I’m sure they would have offered him a NINJA loan. What is a NINJA loan? No Income No Job and No Assets!
Mortage companies… Not So Model Citizens.
