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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