The Originator originates the loan of course, but he in turn gets an approval from an Investor who dictates terms and yes even limits the amt of money one can make (at least in GA that Is), then that investor buys the loan subject to completion of terms dictated to the originator an then they in turn sale it again & then yet again. Basically it’s sold like stocks or Blocks of mortgages.
One thing to remember though is just because you’re an Originator does not make you a thief. I’m an Originator for loans but i’m also a Loan Officer in small town USA so if I screw someone everybody in town will know it the very next day. So I would have to say that you can’t throw a blanket definition of all Originators as being theives. But then again I know there are some sharks are out there waiting on the little fish to make a mistake and then the sharks chew them up.
[an Investor who dictates terms]
IMHO, the discovery, long after the transaction, that these terms were not being met is part of the underlying cause for the implosion of the sub-prime industry.
[I’m an Originator for loans but i’m also a Loan Officer in small town USA so if I screw someone everybody in town will know it the very next day. ]
My understanding is that a good number of the worker-bees at Ameriquest were foreign nationals.
[So I would have to say that you can’t throw a blanket definition of all Originators as being theives.]
True. That was not my intent. The predatory activities of Ameriquest are well documented.