Mortgage broker fraud and you
4/21/2012I received email about an article addressing mortgage fraud with seven points on how to get a sense that your mortgage broker may be too good to be real. The site is the Home Insurance organization and the article is 7 Signs Your Mortgage Broker is a Crook posted on March 26, 2012. This site offers a learning center, articles, a blog and of course home insurance quotes. I don’t endorse this site or any other, that I’m not entirely familiar with them. So don’t take this as an endorsement. But, it is a place to start, to learn and maybe to gain a golden nugget that will keep you from making a huge and costly mistake.
Here are the seven suggested indications that you may be dealing with the wrong broker for your mortgage.
- 1. Low-ball prices
- 2. Failure to mention fees
- 3. Leave loan rates unlocked
- 4. Contract chicanery
- 5. Willingness to bend the rules or change numbers
- 6. Pressure you to transfer deeds
- 7. Your broker is not listed in the Central Registration Depository
Category: Whistleblowers / Financially Ripped Off?
4 Comments to "Mortgage broker fraud and you"
I am in the market for a new home and have been looking at lenders to see who could give me the best rates and options. The company that I have had the best luck with seems to be one involved with some of this mess. Is there anyone out there that has any AHMSI complaints? I do not think that I would ever be having to do research beyond who would give me the best rate, my have the times changed.
Posted by American Home Mortgage Servicing, Inc on August 23, 2012 at 01:37 PM
It is very important when the signing of a mortgage contract carefully read all the papers signed to avoid unpleasant consequences later. I tell you from personal experience working, get smart!
Posted by Independent Mortgage Advice on June 25, 2012 at 11:27 AM
Those who do usually find a way to change the subject or to distract the borrowers. It's like a shell game.
Posted by Steve Lombardi on June 19, 2012 at 09:51 PM
This is a great checklist. It's true that if a mortgage broker comes at you with absurdly low prices and no mention of a few standard fees that it is pretty fishy. Do you find that certain brokers bristle at the mention of the CRD?
Posted by Tim Richmond on June 19, 2012 at 04:57 PM
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