Economics Class Due Today

1.  You work for a mortgage lender that really encourages you to sell ARM  loans to your clients.  In fact, if 75 percent of the loans you close  each month are ARM loans, you receive a very nice bonus.  
You  have a customer on the phone that you don’t feel understands ARM loans  very well despite all your efforts.  He tells you repeatedly that he  would be better off with a 30-year fixed rate mortgage.  You proceed to  take his application and send all the required documentation to him for a  5/1 ARM.  He signs the documents and returns them to you.  You process  his loan and close it 30 days later.

Do you feel you ethically assisted your borrower with this loan?
What could you have done differently?

2.   You have a co-worker at work that you are also friends with.  One day, a  borrower comes in and meets with him. You overhear the borrower tell  your co-worker that he has a loan with his mom and dad for about $10,000  that he pays $300 a month. Your co-worker proceeds as if he didn’t hear  your borrower at all.  Once he has taken the application, he tells the  borrower that he qualifies for maximum financing for a $250,000 home.   However, that does NOT take into consideration the $300 a month the 
borrower pays his parents for the loan.

Did your coworker do anything unethical in this transaction?
Assuming you feel this was an unethical situation, how do you handle this?  Remember, this is your friend and co-worker.

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