1,078,091
More info for those unfamiliar with the story: https://www.housingwire.com/articles/guild-mortgage-outages-mean-some-wont-be-home-for-christmas/?utm_campaign=Newsletter%20-%20HousingWire%20Daily&utm_source=hs_email&utm_medium=email&utm_content=81117477&_hsenc=p2ANqtz-94Z4Yq6eCj9cih6LeYMTXWCpbsG8VHonxPs4iAdPr1d5C2MHPyEUPp85dT0A0xLehNF2WIMhoL4o_NXBKui-BQAE6uwA&_hsmi=81117477
This question wasn't a knock on Guild - I'm curious about 1) the impact, 2) if the cause was what I heard - an issue with an update to their proprietary system technology, and 3) what role IT and tech should play in a mortgage company (ie companies trying to build proprietary tools to stand out and save money VS using tried and true service providers
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Doug Dawes
Topsfield, MA
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Mel Ahrens, MBA, Kelly...
Hood River, OR
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Debe Maxwell, CRS
Charlotte, NC
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Wanda Kubat-Nerdin - W...
St. George, UT
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Kris Collis, Associate...
East Stroudsburg, PA
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Roy Kelley
Gaithersburg, MD
921,504
"...they could not issue CDs." That must have affected 3 people.
I'm more concerned about WAWA's breach. I buy gas there. That made in China stuff literally leaves the vault doors open.
Then there is DiTechs bankruptcy's and folks still thinking that is a good mortgage choice.
To date, no report of a Guild crossing.
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Kris Collis, Associate...
East Stroudsburg, PA
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Roy Kelley
Gaithersburg, MD
5,583,328
no we were not....
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Doug Dawes
Topsfield, MA
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Debe Maxwell, CRS
Charlotte, NC
-
Wanda Kubat-Nerdin - W...
St. George, UT
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Roy Kelley
Gaithersburg, MD
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Nina Hollander, Broker
Charlotte, NC
636,227
Wow, what a nightmare! As tempted as some industry professionals might be to bash on Guild, John Meussner brings up an extremely valid point about these "technology companies". The more we all rely on computers to expedite a larger volume of escrows in reduced timelines, the more susceptible we are to computer outages delaying escrows. I just hope Guild "made things right" as much as they could to their clients.
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Kris Collis, Associate...
East Stroudsburg, PA
5,112,471
Not that I know of... I suppose if I had been, I would have known.
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Doug Dawes
Topsfield, MA
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Kathleen Daniels, Prob...
San Jose, CA
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Roy Kelley
Gaithersburg, MD
5,772,587
No
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Doug Dawes
Topsfield, MA
-
Wanda Kubat-Nerdin - W...
St. George, UT
-
Roy Kelley
Gaithersburg, MD
-
Nina Hollander, Broker
Charlotte, NC
3,138,811
No problems here John.
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Abby Stiller
Cape Coral, FL
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
3,863,355
It did not affect anyone I know. But what a tough week for this kind of delay!
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Doug Dawes
Topsfield, MA
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Debe Maxwell, CRS
Charlotte, NC
-
Wanda Kubat-Nerdin - W...
St. George, UT
3,349,404
None of my clients were a part of this.
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Wanda Kubat-Nerdin - W...
St. George, UT
7,863,492
Nope.
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Abby Stiller
Cape Coral, FL
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Doug Dawes
Topsfield, MA
-
Wanda Kubat-Nerdin - W...
St. George, UT
2,191,798
1,201,477
3,416,038
Happily I do not use them. That would be horrible for those trying to get into their new home before @christmas
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Bob "RealMan" Timm
Minot, ND
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Doug Dawes
Topsfield, MA
5,239,571
Simply put, no!
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Bob "RealMan" Timm
Minot, ND
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Doug Dawes
Topsfield, MA
962,483
I did not hear about the issue so no clients were impacted. However, I have a first time home buyer guru with Guild that I consistently refer people to. I need to have a discussion with him about the issue. I may have missed being affected this time. Don't wat to be caught if it happens again.
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Bob "RealMan" Timm
Minot, ND
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Doug Dawes
Topsfield, MA
6,418,126
No problems here, but I do understand your concerns about online tech and our finances.
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Bob "RealMan" Timm
Minot, ND
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Doug Dawes
Topsfield, MA
5,254,045
Not me or any of my clients but, boy, what a rough week for those Guild clients impacted. It seems this type of breach is happening more and more these days.
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Abby Stiller
Cape Coral, FL
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Doug Dawes
Topsfield, MA
1,092,947
Not a problem here.
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Doug Dawes
Topsfield, MA
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Debe Maxwell, CRS
Charlotte, NC
5,060,544
No impact here
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
1,712,776
Not aware of it.
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
1,037,387
787,765
1,728,156
2,400,189
1,323,044
I wish that I was so busy that I could complain about the problem. Truth...I was not aware of it until I saw your post.
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Bob "RealMan" Timm
Minot, ND
1,506,013
I am not familiar with Guild.
From the article, they had a critical system failure. A 3 day turn-around from IBM isn't horrible, especially when you figure there may be some time required to troubleshoot. Assuming they have an overnight shipping plan for replacement parts, I'd say they did everything as right as could be done (short of having a spare system around, which gets costly). Sounds like they offloaded work to other servers and had contingency plans on the tech side. The only upgrade I can suggest, based on the limited data in the article, is to have the system mirrored on a second system so that if one goes down the other can take over. Load balancing is the typical use for this on web servers, but the concept also works well for disaster recovery when one system crashes.
This wasn't an issue with their software, but more with their hardware. Even the "tried and true" industry software will be vulnerable to hardware issues and virtualization does not help this issue.
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Bob "RealMan" Timm
Minot, ND
617,935
Guild is not a major player in my market.
One more reason to use a local lender instead of a behemoth.
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Bob "RealMan" Timm
Minot, ND
1,846,901
1,241,754
There are other lenders eager to take buisness away from company that has unstable system.
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Bob "RealMan" Timm
Minot, ND
4,960,530
5,877,335
152,696
Heard about it but no effect here. I tend to be oriented to the loan officer over the company. But it does point to something I like to tell new agents. Computers and programs can be very beneficial. BUT they are just tools.... tools you can pick and choose to fit your business. They are not the sum of our business and or service... we are.