Category Archives: Broker

Three Los Angeles Mortgage Brokers Arrested

The brokers are accused of stealing about $1 million from borrowers seeking to adjust their mortgages. California’s attorney general claims this is a case of grand theft. Dozens of home owners were apparently lured into refinancing with promises of low … Continue reading

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Mortgage Brokers, Small Lenders Unhappy With Implementation Of New Obama Refinance Plans

According to the AP, such small lenders and brokers say they are being left out of the current refinance rush. Fannie Mae and Freddie Mac own or guarantee almost 31 million mortgages – more than half of all U.S home … Continue reading

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Banks Bypass Mortgage Brokers

Bob Tedeschi writes for the New York Times about this new trend of banks giving mortgage brokers the big skip. Why? Banks want to make more money. Why should brokers make money selling their loans? What are the advantages of … Continue reading

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Two New York Mortgage Brokers Settle With State

They are charged with using higher fees on minority borrowers. The NYT says 455 black and latino borrowers will receive restitution. That amounts to about $1440 per person. The brokers don’t want to comment and they don’t want to fight … Continue reading

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Finding Home Loans

Jack Cummings wrote a book on Real Estate Finance & Investment: Mortgage brokers deal with many of the best money sources around. You wouldn’t connect with these sources except for a mortgage broker. What are these sources? Pensions funds, insurance … Continue reading

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Qualifying For That New Mortgage

Robert Irwin writes: If you recently purchased and since then interest rates have dropped, chances are that you will easily qualify for a new, lower-rate mortgage. After all, you’ll be going for lower mortgage payments than you currently have and, … Continue reading

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Minn. AG Sues Mortgage Broker

From startribune.com: ST. PAUL – Attorney General Lori Swanson is going after a Plymouth, Minn.-based mortgage lender she blames for contributing to the housing crisis. Swanson has filed a lawsuit against Source Lending Corp. in Hennepin County District Court. Her … Continue reading

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Tightening Standards For Mortgage Brokers

Stacey Myers writes: About 40 percent of Indiana?s mortgage brokerages had lost their license to do business as of yesterday because they hadn?t complied with a new state law tightening licensing standards, the Associated Press reported. As of yesterday, 361 … Continue reading

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Mortgage Brokers Get Paid Everything Up Front

Steven D. Levitt writes: Why do mortgage brokers get paid everything up front when they originate a deal? This sort of contract gives brokers terrible incentives. They just want to get a deal done. It matters very little to them … Continue reading

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Number Of Mortgage Brokers Plunge

From bizjournals.com: Only 5,786 mortgage brokers met the May 31 application for applying to be grandfathered when new licensure requirements kick in July 1, said Kevin Cuff, executive director of the Massachusetts Mortgage Bankers Association. Just two years ago, he … Continue reading

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