Working As A Mortgage Loan Officer?

[Night_Inshallah]

Make a long story short.......I will be getting my mortgage loan originators license this fall.

I was contacted by a brother in my community about possibly working for his company.

 

 

How haram is it really to work in this business?

I've read many things concerning fatwas on the topic. Some say it is not allowed, other's say if you don't have any choice, then there is the condition that you don't take out more that what you are approved for and must pay it off quickly (no 30yr loans). 

 

Please advise.

[Martyrdom]

Isn't it kind of late to ask this question since you are already getting your license? 

[ChattingwithShias]

Make a long story short.......I will be getting my mortgage loan originators license this fall.

I was contacted by a brother in my community about possibly working for his company.

 

 

(Afghan bro)

[:Sami II]

Make a long story short.......I will be getting my mortgage loan originators license this fall.

I was contacted by a brother in my community about possibly working for his company.

 

 

How haram is it really to work in this business?

I've read many things concerning fatwas on the topic. Some say it is not allowed, other's say if you don't have any choice, then there is the condition that you don't take out more that what you are approved for and must pay it off quickly (no 30yr loans). 

 

Please advise.

how much "haram" must something be in order for one to abstain from ?

Maybe we should have a "haram" indicator for brothers and sisters who want to play Russian roulette with what :Allah swt has forbidden .

Let us rate the haramness of the mortgage business.

• It's :Riba, and riba is one of the greater sins one can commit, it is a cancer that destroys life as we know it 
• you are dealing criminals that are stealing from average families their basic human right of shelter, let's take a closer look at the subprime mortgage scams .

WASHINGTON — In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting.

Read more here: http://www.mcclatchydc.com/news/politics-government/article24561376.html#storylink=cpy

 

the product you are selling is a trap the wall st bankers execute all the time to steal assets of the hardworking average people. They make a killing and get away with it . As a mortgage originator you are part of the scam to suck average families into the "great american( whatever country ) dream" and destroy it. And for those that can keep the payments going because they gave up luxuries like eating, they are debt slave paying back millions forever.

 

     3. You want to know the real scam , you're not going believe this one bit.

The "money" you guys allegedly lend out is not even yours, so not are you betting against the  markets making billions at the misery of people, but it's not real. 

 

Unfortunately your respected :Marjas will never discuss such things in detail and don't expect any real answers on the truth of the mortgage business these days.

 

So in summary , you are engaging in Riba, you are helping the rich cats of Wall St get richer at the expense of hardworking average families, you are causing misery, slavery, and pain in society like never before, and you are not even lending your own money. 

How would you rate this haramness ?

Edited July 29, 2015 by :Sami II

[Abu Hadi]

Here are some answers from Sayyid Sistani's site. 

The exact question you asked isn't there, but will give you a general idea about this subject. 

 

Mortgage Q&A

http://www.sistani.org/english/qa/01256/

[Abu'l Khattab]

If you can work in part of the company which does not directly handle interest loans, then it is fine. Otherwise, handling the interest loans yourself is very problematic.

Proof:

 

 

 

There are two kinds of bank business: 
1. The first is haraam. This may cover the type that relates to transactions leading to usury, such as acting as an agent in handling, registering, acting as witness, receiving excess money [interest] on behalf of the owner and the like. Of the same nature are transactions pertaining to companies involved in usury or the merchandise of alcoholic drink, be it sale of their shares, the opening of letter of credit or similar work. 
All this sort of work is haraam. It is not permissible to be involved in it and those working in it are not entitled to wages in return for the work they do. 
2. The second kind is that which does not involve interest. It is permissible to take part in it and receive wages thereof. 
(29) If, in the usury transaction, the party paying the interest is an unbeliever, be it a foreign bank or other, it is, as explained earlier on, permissible for a Muslim to take. Accordingly, it is permissible to deal in such work, which is linked to carrying out such usury transactions within the banks and outside them. 
(30) In some cases, some of the money, deposited with either state owned or national bank in Muslim countries is considered among money of majhoulil malik, needs consultation with the Marji’ to having the right of disposal over it. There is, therefore, ishkal in working for the bank and getting involved in either receiving from or delivering such money to bank customers, from those who might have the right of disposal over it without a license from the Marji’ to make it good. 
(31) The validity of ji’aala, ijarah, and money order and similar dealings with state banks in Muslim countries is dependant on the license of the Marji’. It is not in order without his permission.

http://najaf.org/index.php?lang=english&tab=practice&cat=current&id=2688

Edited July 30, 2015 by Al-Afasy