In those seemingly undying words of David Gilmour (Pink Floyd), "Just another brick on the wall".  While the consumers don't think they "need and education", they will consistently be duped by the scam of the Internet lenders all the while believing that they are getting the best "deal" on mortgage offerings. 

Nowhere is it written that if you saw it on the internet it is cheaper, easier or better than doing business with your local service or product provider.

Mortgage financing is not as homogeneous as a carton of milk.  It is the most important piece of retirement planning of the masses.  You know, those without a million dollars IRA or 201(k).  What does it say for the Amerisaves of the world that Ditech failed with the money of GMAC behind them, ELoan failed with the loss of earning in multiples and the list goes on, big and most unfortunately small.

So long as consumers believe the Internet lending model, c'est la vie mi amigo.

My name is Rick Parker, I am a recovering Mortgage Professional.  It has been three months since I wrote my last loan.

Merry Christmas All and to All a Good Night.

www.directorsmortgage.com