twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

Political Mortgage News | Mortgage Laws
Mortgage people in politics. Political contributions by mortgage companies. Coverage of political support by lenders and executives. GSE lobbying and issues.

Mortgage Broker Running for Office

Eric Carper running for Berkeley County Council

Feb. 19, 2010

By staff

A West Virginia mortgage broker is running for political office. While he supports members of his profession, he had some harsh words to say about servicers and the appraisal code.

Eric Carper has announced his candidacy for Berkeley County Council.

In addition to being a builder and a developer, the Republican candidate is also a mortgage broker. Promotional statements say his "business continues to grow and flourish even in these times."

Carper told in a statement that his company, Power Mortgage and Financial Solutions Inc., has six top-producing loan officers and two support staff members. The Martinsburg, W.V., firm closes around 100 loans a year, and originations totaled around $55 million during the past three years.

Mortgage brokering was the catalyst for his entry into politics.

The West Virginia native said brokers have been unfairly blamed for the economy's collapse despite that they helped generate record-breaking spending and all-time high home-ownership levels. He explained that it was politicians who "deserve the credit for the spike in this economy" as it relates to the mortgage industry.

photo of Eric Carper
campaign photo of Eric Carper

"It was their programs that enabled so many people to afford home ownership, Carper said. "We didn't control the programs -- all time low rate, loose underwriting guidelines, stated-income programs, etc.

"I mean ... you can't put a kid in a candy shop and tell him he can't have any."

He also pointed to the speculative general public, which he said were advised by U.S. legislators to stop making mortgage payments before unemployment rose and the "bubble burst."

Carper said he launched a loan modification business in early 2009, which he noted charged no up-front fees. But despite the submission of more than 200 modifications, only one was completed.

"With first-hand experiences in dealing with the lenders, I witnessed this as being the biggest fraud attempt ever," he exclaimed. "These lenders had no interest in helping anyone."

Carper also weighed in on the Home Valuation Code of Conduct, which he said has generated higher appraisal fees, work by inexperienced appraisers and poor valuations. He said more than 25 of his refinance applications were denied during the past year because of appraisals despite credit scores of over 680 and back-end debt-to-income ratios of less than 38 percent.

"We would have saved these families over $8,000 per month," he reasoned. "This 8K would have found its way back into the economy."

Frustrated with politicians who deflect all the blame for the bad while taking credit for all the good, Carper decided to take matters into his own hands on a local level.

"Times have changed and we have to change our approach to government," Carper says on his campaign Web site. "New blood brings new voices and ideas. Government belongs to the people, not the other way around."

Among issues he supports are stabilizing the tax structure -- including the passage of the Homestead Act which will reportedly benefit senior citizens. He promotes freely speaking about political views.

He feels his "real" experiences better prepare him for political office.

"Our big government lives in a bubble," Carper stated. "We need to get back to the common sense mentality, tell the truth and take our mistakes as lessons just like every other business owner or entrepreneur trying to fulfill some level of success."

next story

back to current headlines

Mortgage Broker News | Originator Newsletter
Stories about mortgage brokering and broker programs. Profiles of successful mortgage brokers. Articles about mortgage brokers who excel at other activities. Broker lawsuits and criminal broker activity.

Appraisal News | AMC Directory
Appraisal industry news coverage, including stories about independence requirements, AVMs and appraiser fraud.

Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders