Being a former employee as of yesterday, March 2nd, all the branches that I know of who are in the US, closed down as per the news. Some employees stayed because they are needed to close-up shop. Nothing here is “private” information, considering all the papers are singing about the 6,100 people HSBC is laying off, does the time really matter? They’re laying off people, end of story.
Yes, we did subprime loans, but when you saved people $300 to $1,000 per month, and could pay off the mortgage quicker, you knew you were doing a good thing. Many of the presonal loans I did, helped people bury the dead, send kids to college and get the necessary operation that was needed. It helped couples buy furniture for the new home, honeymoons, and let’s say enhancements.
Of course, you have those employees who will take advantage, but as far as our office, never. We were dedicated to our customers and the company.
Yes, we offered insurance, but many of our customers have no life insurance, disability insurance or unemployment insurance. This coverage would help keep them on the right track, if something awful should come their way.
Keep in mind, refinancing the home loan was a short term financial solution to a serious problem….credit. If they kept the way they were going, they would be filing chapter 7.
By paying everything off, and having income protection with the optional insurances we offered, would be the ideal way to get the credit scores back up if they pay as agreed, and not go out and get new credit. In two years, they can refinace again. Many came back to us in a year, and we were able to fit them into a much better program, with better rates.
I do appreciate watchdogs. I do appreciate this site. For 20 years I have been in this industry, and you have bad originators in banks, finance companies, mortgage brokers, and credit unions.
My office was fabulous, fun and we made differences in our customers’ lives. I will miss all of them at the office, including my customers.
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