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  1. #1
    Join Date
    Feb 2006
    Posts
    6

    Where is all the help for the Borrower?

    There are thousands of sites for the brokers and they all have their rates posted but there is very little info for the borrower to see "real" current rates. If the borrower has that information he now can have a level playing field to work with. Many brokers do not want the borrower to see what he or she gets back from the Lender. The borrower has the right to know. After all it is HIS money that he is spending. It is true you cannot cover everyones product or every type of loan but for the good credit (620+) standard loan which is the vast majority of product done the borrower can get the best rate he can by getting the knowledge of how the system works. How do you as a borrower feel about that? We know for a fact there are brokers that will work for a fair fee and treat you right.
    rateinformer.com

  2. #2
    Join Date
    Apr 2006
    Posts
    7

    Re: Where is all the help for the Borrower?

    Ummm...first off, there's tons of useful information on the net. But like anything, you have to work to find it.

    Second, who told you 620 was "good" credit??? Are u insane?? The only reason someone has a credit score under 680......is because they paid something LATE! You want a great score and a great interest rate? Pay your darn bills on time and don't make any darn excuses! I've heard it all before.

    You know the best subprime clients are the HONEST ones who will tell you straight up they screwed up. The only ones I have pity for are folks who've had mitigating circumstances such as health problems, layoff, divorce, etc.

    Oh yeah, obviously you don't own a house. Every mortgage broker has to disclose what they are paid by the lender and it appears on your settlement statement and your Good Faith Estimate and if you don't know what it is....ASK! I can't believe how many people I talk to who just sign everything without reading. Ever hear of Buyer Beware?

  3. #3
    Join Date
    May 2005
    Location
    West of the Pecos
    Posts
    121

    Re: Where is all the help for the Borrower?

    Quote Originally Posted by scottanthony
    Ummm...first off, there's tons of useful information on the net. But like anything, you have to work to find it.

    Second, who told you 620 was "good" credit??? Are u insane?? The only reason someone has a credit score under 680......is because they paid something LATE! You want a great score and a great interest rate? Pay your darn bills on time and don't make any darn excuses! I've heard it all before.
    And you are more than content to promulgate mythology about scores and interest rates.

    Quote Originally Posted by scottanthony
    You know the best subprime clients are the HONEST ones who will tell you straight up they screwed up. The only ones I have pity for are folks who've had mitigating circumstances such as health problems, layoff, divorce, etc.
    What about those who were scammed, Scott? I see you're not bothered by those situations. And there's not a damn thing you can do for them except put them into a loan they're probably aren't going to be able to live with because of the inflated interest rates and other "hidden" surprises in sub-prime loans.

    Quote Originally Posted by scottanthony
    Oh yeah, obviously you don't own a house. Every mortgage broker has to disclose what they are paid by the lender and it appears on your settlement statement and your Good Faith Estimate
    My BS meter is completely pegged, Scott. Try explaining the Yield Spread Premium and how it isn't disclosed in far too many cases. The kickback schemes are only coming to light and the scene isn't pretty.

    Quote Originally Posted by scottanthony
    ....and if you don't know what it is....ASK! I can't believe how many people I talk to who just sign everything without reading. Ever hear of Buyer Beware?
    Yep - and far too many brokers love to fall back on "let the buyer beware" all the while promising the moon and never having to answer for it down the road.

    Your industry has a well-deserved reputation, Scott, and until it comes out from behind the curtain of "it's only a few bad apples," and works to get rid of bad loans, you deserve whatever condemnation you and your industry get.

  4. #4
    Join Date
    Mar 2006
    Location
    Colorado
    Posts
    12

    Re: Where is all the help for the Borrower?

    Help is out there & Scott is right about searching it out - However, I completely agree with Judge Roy about the BS meter pegging on you Scott ..

    I'm an experienced broker also & like you, have heard it all. Unlike you though I present solutions instead of insults...........

    I have created a website to provide that "inside" information people seek & need ... I'm happy to offer REAL rates, discuss, explain, and disclose yeild spread (which is a huge rip off) and any other question a home owner or prospective home buyer may have -

    Scott, our industry is out of control & saturated with uneducated, inexperienced, morons! Truth be told, "we" as brokers are probably the primary culprits with regard to the record high foreclosure rates ...

    Step up to the plate Scott & place the responsibility & accountability where it rightfully belongs! Our industry thrives on nothing but greed - PERIOD

    Ed
    www.noscamshere.com

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