What I am talking about hereÂ is based on the situation in CA.
Do not you think almost all of the loan agents who have originatedÂ option ARM, stated income, home equity line or cash out refinance, have seriously owed ethical duties to their clients, especially the agents who started their loan originator business since 2001 or 2002 or the clients who have lost or are going to lose their home?
Loan agents, please, do not try to point other parties who work in other related business fields. Each party has its owned duty. Moreover, do not try to point if at least,Â you have no legal duties. These loan agents may have the more serious and obvious legal duties far greater than the ethical duties and moral duties owed.Â Your behavioursÂ have brought a lot money toÂ you and letÂ you improveÂ your life,Â your families and maybe something else such as buyingÂ a new Lexus, Mercedes, BMW, exchanging to a new house, enjoyingÂ your vacations, and maybe havingÂ a new babies. But look at your clients' today's life.
Think about that and imagine that they used their sweet words and their advicesÂ that seems very professional in their clients eyes, to originateÂ their clients' loans. Now, so many of their clients and their families have lost or are going to lose their homes not just houses but loan agents and their families can still enjoy their homes and the houses. How amazing it is. Here, other issues like clients' jobs, cars, their children's tuition, insurances, familiesâ€™ relationships, which are related to the loan problems indirectly, have been ignored because loan agents always think that they work harder than other people do.
Do you thinkÂ those loan agentsÂ are liars? Do you think theyÂ have the sinÂ on today's market? Do you Â think what they do is crime conduct not just tort or malpractice? Do you think they should be punished by law?
It is my personalÂ opinion but if you agree with me, you are authorized to share my opinion with whomever you would.
Unlike the clients who are non-professional, even they may have their owned duties but loan agents are professional because they are licensed.
Unlike sales or dealers who just solicit the products to their customers, loan agents shall not only consider and advise the advantage or benefits but all the disadvantage and risks to the clients while the agents originate the loans.
"My clients got their dream homes or lower loan payments" can not be the reason to evade and ignore to disclose the potential risks their clients may be going to face to it.
Generally, the law says
Agent shall owe fiduciary duty to his/her client forever not only until COE.
Agent shall treat his/her client as treat himself/herself.
As clients' personal loan consultants, agents shall owe the greatest duties in all the parties who involved in the transactions.