Special offer
John Meussner, #MortgageMadeEasy Fair Oaks, CA 484-680-4852 (Mortgages in AZ, CA, CO, DE, FL, GA, IN, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI)

Spam prevention
Submit
Ambassador
1,078,091
John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, IN, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

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 

Dec 23, 2019 02:04 PM
Rainmaker
921,504
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

"...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.

Dec 23, 2019 01:26 PM
Rainmaker
5,583,328
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

no we were not....

Dec 23, 2019 01:12 PM
Rainmaker
636,227
Jason E. Gordon
CMG Mortgage, San Diego, CA - San Diego, CA
Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE

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.

Dec 23, 2019 04:14 PM
Rainmaker
5,112,471
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Not that I know of... I suppose if I had been, I would have known.

Dec 23, 2019 01:34 PM
Rainmaker
5,772,581
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

No

Dec 23, 2019 01:13 PM
Ambassador
3,138,603
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

No problems here John.

Dec 23, 2019 05:23 PM
Ambassador
3,863,230
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

It did not affect anyone I know. But what a tough week for this kind of delay!

Dec 23, 2019 04:45 PM
Ambassador
3,349,404
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

None of my clients were a part of this. 

Dec 23, 2019 02:34 PM
Rainmaker
7,863,162
Roy Kelley
Retired - Gaithersburg, MD

Nope.

Dec 23, 2019 02:15 PM
Rainmaker
2,191,798
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

No

Dec 24, 2019 08:03 PM
Rainmaker
1,201,477
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

No. 

Dec 24, 2019 06:59 AM
Rainmaker
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Happily I do not use them. That would be horrible for those trying to get into their new home before @christmas

Dec 24, 2019 05:26 AM
Rainmaker
5,238,990
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Simply put, no!

Dec 24, 2019 05:14 AM
Rainmaker
962,383
Mel Ahrens, MBA, Kelly Right Real Estate
Kelly Right Real Estate - Hood River, OR
Customized Choices for your Real Estate Needs

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.

Dec 23, 2019 11:45 PM
Ambassador
6,417,409
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

No problems here, but I do understand your concerns about online tech and our finances.

Dec 23, 2019 11:01 PM
Ambassador
5,254,035
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

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. 

Dec 23, 2019 09:55 PM
Rainmaker
1,092,947
Diana Zaccaro Broker Associate
ZOOM Realty Group - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

Not a problem here.

 

Dec 23, 2019 09:39 PM
Ambassador
5,060,494
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

No impact here

Dec 23, 2019 07:38 PM
Rainmaker
1,712,776
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Not aware of it.

Dec 23, 2019 06:01 PM
Rainmaker
1,037,387
Elyse Berman, PA
LoKation Real Estate - Boca Raton, FL
Boca Raton FL (561) 716-7824

Not that I know of.

Dec 25, 2019 06:17 PM
Rainmaker
787,765
Abby Stiller
TOP SELLING REALTY - Cape Coral, FL
SW Florida (239) 284-8637

No

Dec 25, 2019 03:39 PM
Rainmaker
1,728,156
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

No effect for us, John.

Dec 25, 2019 10:20 AM
Rainmaker
2,399,936
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

No effect here John Meussner 

Dec 25, 2019 08:28 AM
Rainmaker
1,322,984
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

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.

Dec 24, 2019 12:02 PM
Rainmaker
1,506,013
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

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.

Dec 24, 2019 09:06 AM
Rainmaker
617,935
David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

Guild is not a major player in my market.

One more reason to use a local lender instead of a behemoth.

Dec 24, 2019 08:07 AM
Rainmaker
1,846,901
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

No one I know mentioned it at all.

Dec 24, 2019 07:35 AM
Rainmaker
1,241,754
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

There are other lenders eager to take buisness away from company that has unstable system.

Dec 24, 2019 07:12 AM
Rainmaker
4,960,432
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I guess I missed it.

 

Dec 28, 2019 12:27 PM
Rainmaker
5,877,335
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Fortuntately, no.

Dec 28, 2019 11:49 AM
Rainmaker
152,696
J Perrin Cornell
Coldwell Banker Cascade Real Estate - Wenatchee, WA
Broker, ABR, VAMRES

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. 

Dec 26, 2019 07:27 AM
Back to Top
Ask a Question

Our real estate Q&A site is a place where real estate professionals can ask their peers questions so we can all learn and grow as a community.

Members of our community can ask, answer, like, and subscribe to questions. Visitors to our site can read the questions and answers that were marked as “public” by the author.

Recent Questions
View All Questions arrow_forward