By DJ

Having been in the wholesale end of the business with Option Arms as one of my products, 99% of the time the loan officer would ask for “max prepay, max rebate”. (mortgage lingo = I want to make the most money I can on this loan and how much can I screw the borrower within law to satisfy my greed)

Seldom was there any concern for providing the borrower with a shorter prepay period because that would reduce the rebate. With a 3 year prepay rebates were typically around 3%. However one lender who did a ton of OA’s offered 4+% Read the rest of this entry »

By Moe Bedard 

The mortgage and real estate industry has resembled a battlefield marred with carnage and destruction with what appears to have no end in sight. 210 imploded lenders and thousands of mortgage, real estate professionals and anything related to these professions in one way, shape or form, litter the path of no jobs and no hope.

The bad apples spoiled it for the good apples. Loose lending standards and easy money for everyone (loan officers, real estate agents, appraisers, homeowners, investors, lenders and anyone associated with real estate) may have killed this business for good.  

A black cloud is following many of the good people in the mortgage industry as they try and find employment to no avail.

Many have said they can’t find a job outside the industry because there is now a stigma associated with all mortgage Read the rest of this entry »