When I first started working in the mortgage banking industry, the bank I worked for was being sued for some type of  violation; I think it was something to do with the bank calling loans due when borrowers were late; they didn’t have the legal right to do so and were sued.  This was in the late 70’s.  Files (hundreds??) were in the board room and a couple of other employees and I were going through them looking for something (I don’t remember what). 

What I do recall from these old files were the credit reports.  The credit companys had interviewed neighbors and added comments such as “Mr. & Mrs. Smith frequently scream at each other” –I was shocked that disparaging comments such as these were added to credit reports without validation.  (I don’t remember how old these files were).  Thank goodness for Fico's 

I was hired at this bank as a “floater” and I was passed from department to department.  One of my my next assignments was to cover for the Loan Committee Secretary while she was on vacation.  At that time the loans were packaged and distributed to the individual members of the loan committee (loan committee didn't actually "meet").  I seem to recall that one to three signatures were required (for approval) depending on the $$ amount of the loan.

My instructions were clear:

Do not submit loans to the Chairman of the Board for approval unless absolutely necessary, (he asked too many questions).

Do not submit loans to the Chairman of the Board’s son if old beat up cars were parked near the house; he wouldn’t approve them.  Ever wonder why redlining was outlawed?

Other "tips" were passed on and I took over my temporary duties.  Later, I was offered the permanent position of loan processor.  And learned some interesting ways of doing business at that (early 80's?) time:

*a woman’s salary was not utilized when calculating income.  It could be "considered", but not used in debt ratio calculations (they might get pregnant and quit working) I asked:  Why would a woman become pregnant, and quit working if her husband couldn't afford the mortgage? - it just didn't make sense.  But "this was the way things were done".

*when interest rates started climbing, the banking industry had a portfolio of loans (they didn’t sell all of them at the time) with low interest rates.  It never dawned on them that interest rates could increase…hence the later scramble for the advent of the adjustable rate loans.

*banks were the domain of the white male, female executives were primarily only in personnel and escrow (I entered the banking profession at an excellent time, because soon they were forced encouraged to promote women and minorities)

I welcome your comments!