The United States and global economies have been dramatically affected by the financial crisis of 2008. The impact to the financial systems has been widespread and pervasive. The impact of this crisis may not be realized for many years to come. The big banks and Wall Street’s exposure to bundles of toxic mortgage caused several large lending institutions to fail. The high risk lending practices of the majority of the banks and lending institutions has become common knowledge. The changes in the demand for and criteria of mortgage loans resulted in a change in the role of the mortgage underwriter. This qualitative, phenomenological study investigated the lived experiences and perceptions of mortgage underwriters, each who entered the mortgage profession prior to the introduction of Fannie Mae’s Desktop Underwriter™ and Freddie Mac’s Loan Prospector™ in 1995, each who began underwriting fully documented, truth telling loans to underwriting limited documentation, liar loans. The results of the investigation indicated seven themes that paint a picture of the role of the mortgage that include the introduction of low documentation loans, a diminished role, excessive pressure to approve loans to achieve funding numbers, credit approvals issued without credit authority, jobs being threatened, pressure to approve poor quality loans, and underwriters seeking solace from underwriters to mitigate stress.
|School:||University of Phoenix|
|School Location:||United States -- Arizona|
|Source:||DAI-A 73/10(E), Dissertation Abstracts International|
|Subjects:||Management, Organization Theory, Organizational behavior|
|Keywords:||Cognitive dissonance, Financial crisis, Mortgages, Underwriters|
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