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URL:  http://boards.fool.com/hi-vkg-i-just-dont-understand-why-secrecy-is-30761325.aspx

Subject:  Re: We have accepted an offer on our home Date:  7/3/2013  4:09 PM
Author:  Dwdonhoff Number:  125719 of 127236

Hi vkg,

I just don't understand why secrecy is such an issue.

I suspect you might think that what appears to be 'secrecy' is somehow an intentional withholding of available information... it's not. The mortgage industry has an overwhelming sense of internal systemic instability & uncertainty. There are so many vague and ambiguous regulations (real, imagined, pending, or threatened) that require discretionary interpretation, and the complexity is beyond byzantine.

The borrower *wants* to know 'the score'...

The loan officer *wants* to be able to stand tall, with full honest disclosure, and full support of their client...

The Processor, Account reps, and Underwriters *want* to be able to satisfy the requests for information/decision/discretion/timing....

However, because every loan file is 'fingerprint-unique', and in ways that trigger different degrees of uncertainty about different areas of regulation... it is literally impossible to answer these questions faster than on a 'just in time' basis, as the loan deadlines rush forth (and as often as not zoom right past.)

As I said; I *LOVE* my clients... *HATE* the mortgage industry.
(And I am far from alone... though every day there are fewer like me who are sticking it through.)

Dave Donhoff
Leverage Planner
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