July 25th, 2018 3:16 PM by Eric Fang
We had the training over the weekend, and we talked about a story about BOFA who was fined by the government by discriminating different borrowers. One secret shopper pretend to be a Hispanic, and he had better credit score, better income, but got higher interest rate. Another one pretended to be a white, and the rate is better. So the bank was penalized for that. It happened in 2017.And this morning, I got a suspious phone call from someone who claimed to do a VA loan. But I did not have any experience with VA loans, so I told her that I did not do any VA loans.Then I thought I should do it "correctly" that I asked her income, down payment, purchase price etc, and promised to refer to another person if she does need the loan. And it turned out she was the one who wanted to sell me VA leads.Anyway, closed 3 loans yesterday, one more close this week. Not bad for this kind of market. And still a few purchase loans in the pipeline.