Douchebag

Last week the Chief Executive of Correspondent Lending suddenly announced that he was leaving the Bank to go head up Correspondent Lending at a rival start up Mortgage Banker. This was completely shocking news, as this Executive runs the largest Correspondent Lending Division for the largest Bank in the Nation. The Sales team was especially concerned. They felt this executive really 'understood' their stance vis-a-vis loss mitigation.

Digression: My job is to negotiate and enforce loan level repurchases from the Bank's many Correspondent Lenders, these buy backs are due to specific violations of Loan Purchase Agreements. The job of Sales is to management the 'relationship' between the Bank and the Client whilst trying to get the Client to sell the Bank more loans. We're two sides of the same coin, and depending on the Salesperson, either an asset or a liability to managing that relationship, one of our Salesperson leveraged their Client's repurchase exposure to have them sell more loans to the Bank, this relationship was strengthened from the repurchase exposure. Other Sales people see my department as a direct threat to 1. their pay check (salespeople get paid on volume they can pull into the Bank, when you ask a client to pay your Bank $1,000,000.00 by next month this can really threaten the business relationship) and 2. the relationship between themselves and their client.

I have a very good working relationship with all of the salespeople, except for one (luckily this guy's office is in Walnut Creek in Northern California so we only speak by phone). The basis for this dislike can be summed up in a single exchange about our Executive leaving the company.

Phone rings: "Bank of America this is Nick, how can I help you"
-"Nick, it's _____, got a minute to speak about Pinnacle Equity"
"Sure, what's on your mind"
"They're freaked out about our Executive leaving [note: most of Correspondent Lending is run on a 'relationship' level, Mortgage Bankers sell to us because they know and trust people at the Bank won't screw them]
"I heard the news, I've know the Executive for a long time, my mother was an underwriter at his mortgage company and I graduated from High School with his daughter, albeit, she was 3 years younger than me"
"Was she hot?"

-My thoughts at this point: Seriously, What the Fuck? What 40 year old man says that about some guy's daughter? Especially some guy who is supposed to be your CHIEF executive.

"Ah, no. Well, I'm kinda shocked that the Executive left his post with no warning. I bet this start up company offered him a profit sharing agreement in order to get him to go over there. You can't offer peanuts to a guy who is running the biggest Correspondent Division in the Nation."
"I met the Executive a couple of times, he always struck me as some one who loved the art of deal, this executive wants to do deals, not sit in front of Congress and talk about low income borrowers"

-Art of the Deal, this fucknut actually ripped off Donald Trump and said 'The Art of Deal' if I could have reached through the phone, I would have punched him. Additionally, he glibly threw away the fact that our Division has credit overlays that prevents certain loans from being sold to us (ie. the minimum FICO required to get a FHA loan is 620, but the Bank won't buy a FHA with a FICO below 660, if we won't buy the loan our correspondent won't make the loan so we've effectively locked out a huge segment of the population from getting a FHA loan). As an aside, Credit Overlays are a huge topic in the industry and, I believe, absolutely critical for a Salesperson to understand. A second aside, it is my personal opinion that low income borrowers absolutely deserve a chance at home ownership and the Credit Overlay issue should be address so that we can treat all borrowers the same.

This Sales guy proved he was a douchebag. It irritates me that someone like this can actually work in the Bank, let alone get promoted to a Vice-President position. People like this guy give mortgage bankers a bad name, mortgage banking was never about 'The Deal' it was about finding responsible lending investments for the Bank's depositors. Fuck this guy and everything he stand for.