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    0 Replies Latest reply on Dec 24, 2008 9:34 AM by therose77

    Do You Feel That Some Mortgage Loan Officers Are Greedy?

    therose77 Newbie
      I must say that the refinancing market has been great! I have managed to get individuals into mortgage loans that were beneficial to them. In the past several years there was an over zealous group of individuals that put unsuspecting homebuyers in mortgages that was not in the customers best interest. This resulted in the famous 80/20 loan which allowed the homeowner to over finance his home.

      Often placed in a mortgafe that was adjustable at a fantastic single digit interest rate and a second mortgage that could be in the double digits. Happy was the new homeowner living the American dream until the rates began to climb . Climb they did and pushed the homeowner over the line facing foreclousure.

      The mortgage bankers charged points that were both unnecesaary and uncounsionable. Many individuals jumped in and called themselves "Mortgage Professionals" but when the money began to dry up and loans were not so easy they quickly jumped out of the mortgage business.

      Often I spoke with individuals that were in financial distress and they got their loan from a friend or a familiy memeber. This was such a surprise because often the customer was in a terrible mortage with high interest rates , Reviewing the closing documents there was often 10,000.00 or mor in points alone .

      Those professionals that remained through the good and bad times were those that built a good reputation. A reputation based on honesty and trying to help keep the American dream of home ownership alive.

      I am proud to say that I hav e not placed an individual in a mortgage that they could not afford and my customers have not lost their home to foreclousure. This makes me happy and allows me to sleep at night.
      I have been in the field through the good and bad times.

      Contact me at