DH,
There are still PLENTY of scum left in the industry that continue to fleece borowers by overcharging them in rate to get a commission back from the lender AND overcharging in fees, without explaining to the borrower what their real options are.
Sadly, many borrowers go to friends & relatives blindly trusting them. They don’t have to earn their business.
One sucker every other month will still allow them to make more than waiting tables or asking “would you like fries with that”
Almost everbody has a price on their credit score. To some people it might be $1M, to others $10K would be enough to walk.
The neg-am loan will be the next shoe to drop. There should be lawsuits against those that originated those loans. The problem is that most mortgage scum didn’t even understand what they were selling, they only knew how huge the commissions were for pushing that crappy loan.
My guess is that for every dozen that are pushing loans, 11 of them don’t really understand the product nor how to figure out what is best for the client.
