mortgage banker: The Mortgage Cartel and the Need for Transparent Search - 03/30/07 01:04 PM
Ive had some heated (and circular) conversations with many in the mortgage industry regarding how unregulated the industry actually is, how it would be near impossible for legislation to clean up the mess. The Mortgage Industry needs something more than new Statements and Policies from regulatory agencies, with a few sacrificial lambs served up for show.
Does anyone see the parallels between the Enrons & WorldComs and the mortgage industry? These books are cooked ‘X-tra well done’…ahhh, I can hear the paper hum of all the paper shredders as I type this.
Via my blogging here and ActiveRain it’s become very … (18 comments)

mortgage banker: The Morgage Industry’s Internal Civil War - 11/09/06 07:28 AM

YSP’s have gradually made their way into the American homeowners conscious, rising from relative obscurity. While this is progress, their use in relation to their intent is still misunderstood, manipulated, and maligned. Although more consumers are now aware that YSP’s are cash rebates Lenders pay for a borrower to accept a higher interest rate than they qualify for…this hasn’t stopped Brokers and Bankers from misusing them as a tool to subjectively and unjustly enrich themselves.
 
Definition.
 Even well educated broker/bankers can’t properly define YSP’s intended purpose per RESPA letter law. As explained in the RESPA Policy Statement, yield spread … (129 comments)

mortgage banker: Swindlers List - 10/27/06 09:45 AM
WARNING: What you are about to read are 100% factual accounts of grievous broker misconduct. The rules regarding YSP and disclosure are clear, yet some broker/bankers continue to operate as if they’re above the law.
  
If you’ve never seen this 2-page brief on YSP & Consumer Disclosure from the California Department of Real Estate, or this bit of Capitol Hill testimony on YSP from a Harvard law professor, you’re in for an eye-opener.
 
PATRICK DANIELS Senior Loan Consultant, First Capital Corporation
Office: 949.793.5064 Cell: 949.375.2736
Cell: 949.375.2736
 
Email: patrickdaniels@firstcapcorp.com
CLAIM TO SHAME: Caught by XBroker trying to slide $18,375 in … (14 comments)