Research has shown the recent worldwide economic crises that began in 2007 was partially initiated from lending practices widely utilized in the subprime mortgage industry. The purpose of this study was to gain a greater understanding of the loan officers' perspective on how subprime lending practices contributed to increased foreclosures, the devaluation of housing prices, and the impact of the recent governmental regulations on mortgage lending. Qualitative phenomenology was utilized in this study to explore lived-experiences and meaning loan officers have giving to the rise and fall of the subprime mortgage phenomenon. The participants in this study were contacted via e-mail through data obtain from the National Mortgage Licensing System (NMLS) website. Twenty-two in-person open-ended interviews were conducted with actively licensed loan officers who had been in the mortgage industry for a minimum of 10 years. The results of this phenomenological study inquiry identified several variables that appear to shape loan officers' attitudes and beliefs on the future of the mortgage industry. Eight main influential themes were identified by the participants which included: (1) The Dodd-Frank Act, (2) decreased income, (3) increased qualification standards, (4) decreased loan programs, (5) increased confusion and consumer frustration, (6) increased paperwork, (7) decreased competition, and (8) fear of future restrictive legislation. The findings of this study demonstrate the significance and long-term impact of subprime lending practices on the future of the mortgage industry.
|Commitee:||Dell'Osso, Linda, Greif, Toni, Parry, Robin|
|Department:||School of Business and Technology|
|School Location:||United States -- Minnesota|
|Source:||DAI-A 74/09(E), Dissertation Abstracts International|
|Keywords:||Housing devaluation, Loan officers experience, Real estate, Subprime mortgage|
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