Nationstar Mortgage / former employee spills secrets
I am a former employee of Nationstar Mortgage. I resigned of my own will and was not fired. Therefore, I'm not harboring any grudge against anybody. But, I do want to warn everyone out there that this company has continued to practice innappropriate lending standards even after the mortgage bust when Fannie Mae collapsed. I was even as late as October of 2009 encouraged to manipulate income documents to qualify customers and to pressure customers to refinance even if there was no benefit. I was also encouraged to redistribute fees so that the company could report a profit while they were actually taking a loss in funds. There are some honest hard working people at Nationstar Mortgage, but the people putting the pressure on branch managers and loan officers are knowingly commiting mortgage fraud. Fishing for credit reports, manipulating income, finding ways to avoid liens on titles, these are just some of the ways managers are encouraged to help their loan officers make the sale. And if you are a customer of Nationstar Mortgage, I ecnourage you to keep a close eye on your credit report if one of their loan officers calls you. I can't tell you how many times we were encouraged go ahead and pull reports if we didn't have the customers full consent to complete an application for a refinance and those reports do count against your credit report and you will have to give an account for them if you apply for a loan anywhere.
Do yourself a favor- if you are an employee or a customer- stay away from any subprime leding company- including Nationstar Mortgage.
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