I don't know about you guys, but i have been noticing a lot of "new users"/rookies/non regulars, posting complete JUNK for responses/answers. I thought all the inexperienced and uneducated folks were out of the business.  These people are misinforming soooo many people. Whether its tax advantages, quoting interest rates without knowing ALL specifics, etc... 

Don't get me wrong, I love MND, going to upgrade to Platinum; but I think MND should require anyone answering responses or posting should be a premium paying member (that includes myself, yes i know) and only allow "guests" to ask questions in totally designated forums already in existence. Those willing to pay for this professional site should certainly come with some street Cred, don't you would think. I myself have at least have some credentials (dual major in Business Management and Marketing), 5yrs experience in the biz (I'm like a sponge, I soak in and retain knowledge), 28yrs old and own my own company. (I know, schooling in this business doesn't really mean much, experience would far outweigh...to an extent).

Am I out of line? I'm sure i'm going to catch some flack! Come on people, lets see those responses! I want to see how everyone feels!!!

Before you post, make for certain you are 100% correct in your answer/response. People are trusting us to give them well thought out responses and more importantly THEIR BIGGEST FINANCIAL DECISION/OBLIGATION IN THEIR LIFE.  Be a master of your profession!! Not a jack ass!

Amen!

The only question I have asked was on the MBS commentary section, and it was a technical question regarding rates and guidance from the 10 year bond...

A lot of people have been asking questions lately regarding rates in the MBS commentary, as to whether it is a good rate they are seeing at that time from their lender.  This to me is an o.k. question as they get immediate feedback, people have been both advised to lock or shop for a better rate. 

Do you have an example of what somebody posted?

Ryan-

Opinions vary widely from one Mtg. Pro to the next. If it's done in a respectful manner, I say no harm, no foul.

I too feel that this is an informational website that should be used by mortgage professionals who want to be on top of the markets and in turn be able to better represent their clients. I have found that most of the lay men or mortgage seekers tend to get more confusion than help. But the site is an excellant way to educate people and should be used as such.

Ryan,

You are 100% correct on your concerns with regards to bogus/individual/users  posting garbage on the MND forum.  I have had people also post slanderous items on my private comment section.  There apparently are some sick individuals who are trying to paint the mortgage broker dirty as fake users.

I have corresponded my concerns with Adam Quinones, Matt Graham & Glen Setzer regarding this nonsense that has been going on along with slanderous items that have been posted and needs to be stopped.

When speaking with Adam Quinones he assured me this issue is being looked into very seriously.

Up until now , I have remained silent about a major issue that took place a little while back regarding a user which I will refrain from speaking about for the moment.  However this individual has been PERMANENTLY BANNED from Mortgage News Daily.

Mortgage News Daily is a fantastic forum to share news & views items that affect today's mortgage market both from the consumer insight as well as the mortgage professional however there must be a better means of moniotoring the blogs and users IP addresses to keep the garbage out of such a wonderfull forum like Mortgage News Daily.

I'm with you Bob VG. This is an open and public forum. Respect for others is the only requirement. There is no implicit or explicit guaranty that the information posted is 100% accurate.  Public forums have never operated that way.

It would be awesome if every response to every question was researched in depth and a perfect answer was provided. It's just not possible to achieve that.

However, a private subsciption based forum can achieve those results. It's quite common in the medical and legal field.

Bob V-G:

Opinions vary widely from one Mtg. Pro to the next. If it's done in a respectful manner, I say no harm, no foul.

Respectful sure, but not correct, not even close to true is wrong, especially in a rate/fee combo situation and in a free market economy. I think it was my man Clem, who mentioned something about purchasing a home and an appraiser (HVCC of course) brought the PP in 20-30K lower which ruined the deal, he said something along the lines "a purchase price is determined by what someone is willing to for it, not comps". Same goes for the mortgage. Which brings me to my point about discussing rates fees in the MBS commentary section.  We should offer advice after we understand the specific situatioin, and not say the interest rate is too high, or the closing costs are too much; and on the flip side, not sell yourself short.  I think of myself equal that to an attorney or physician. I charge what i'm worth, I offer strong financial advice on how to make your house work for you in you particular situation, but i do not just offer interest rates and closing costs. I always do a full on consultation determine specific programs that are catered to the borrowers specific wants/needs. If you want to become an order taker, go work at McDonalds or sack some groceries. We are all in this together Mtg. Pro's and borrowers. It is our job to educate, consult, and deliver a mortgage product that is best suited for that borrower, not just deliver the lowest 30yr fixed rate with the lowest closing costs, a computer can do that.

so my final thoughts to my rant and rave (and by the way, this is all in good fun :), sometimes you just got to let go right) 1. We should offer advice about when to lock and not when to lock, not your rate/fees to high etc. 2. When someone has a question in any of the forums or comments, know the answer before you spit one out, or ask the right questions to determine the right answer 3. don't sell yourself short; be honest, be smart, definately be respectful, and offer insight to your borrowers not just a rate. And finally, if any inquiring borrowers that are here to learn about MBS'/bonds/yields/etc., if your mtg pro doesn't understand the basics of how they work, get a new lender. They should be educating you on everything that is involved in the process of your purchase/refi. Use this site as we do as a source of knowledge, not your deal maker or deal breaker.

Peace and Love my friends, i'm out!

Do you want Fries with that Fixed Rate?

Couldn't resist.

Ryan Wiebe:

Respectful sure, but not correct, not even close to true is wrong, especially in a rate/fee combo situation and in a free market economy.

Guys,

Look how quickly those posts were challenged and pointed out by other members.  The consumers that visit this site will notice the new users being called out by the rest of us.  This will eliminate any benefit of posting bad information.

It is up to all of us to get the correct information out to the consumers.  Normally, the people posting bad info are a flash in the pan, I doubt they will stick around long whenthey are constantly being corrected in front of all of the viewers. 

I just want that very cool "platinum" sign under my name!