Back to the Lenders. Mortgage Brokers only work with appraisers who consistently "Come In" at what they need the appraisal to be in order to Close the Deal, to get the loan in place for the Buyer - the Borrower. Oftentimes the Appraiser will Stretch the Truth, Fudge a Bit, to get the Purchase Price or "Value" for a Home Loan to Buy a Home or for A home equity loan to pay off other debt. Putting a Value on your Home is Highly Subjective, an appraisal is an "Opinion" by Definitions. If a Realtor puts a "Value" on your home - well the Realtor wants to please you and can pretty much make a CMA come in at whatever it needs to in order to get a listing - or please a Seller, it happens a whole lot whereby depending on which way the client wants to go with their home Value. The CMA, the Brokers Opinion or Price Evaulation can come in on the High Side or on the Low Side.
Lenders Allow Bad Loans to Go Through
Lenders allow Loans to Go through even when they know that the Mortgage Broker and the Appraiser have "Created" a Value that is higher then the home is really worth in the current market. This happens over and over and this is a MAJOR factor for the Price of Home Values increasing so rapidly and with no real value. The Bottom was and is Destined to Fall out. I would like to say that the BailOut, the Real Estate Crisis, the Loan Crisis, the Lending Institutes Falling .. would somehow STOP all this Maddness, but it continues and until the BROKERS - the Realtors are Actually HELD accountable for the Actions that Hurt the Real Estate Consumer then there is No End in Site. I have recently spoke with Brokers - Lenders - Realtors - Mortgage Brokers - Hard Money Lenders and They are Still In Business - and Business is Good.
Lenders allow Loans to Go through even when they know that the Mortgage Broker and the Appraiser have "Created" a Value that is higher then the home is really worth in the current market. This happens over and over and this is a MAJOR factor for the Price of Home Values increasing so rapidly and with no real value. The Bottom was and is Destined to Fall out. I would like to say that the BailOut, the Real Estate Crisis, the Loan Crisis, the Lending Institutes Falling .. would somehow STOP all this Maddness, but it continues and until the BROKERS - the Realtors are Actually HELD accountable for the Actions that Hurt the Real Estate Consumer then there is No End in Site. I have recently spoke with Brokers - Lenders - Realtors - Mortgage Brokers - Hard Money Lenders and They are Still In Business - and Business is Good.
mortgage fraud still going
In Loaning Money on Real Estate... Business is GOOD !!
In fact Business is Better then Ever Because now that so many have been foreclosed on, their credit is bad - and the Hard Money Loan Guys can get them to agree to what ever interest rate that they want to, and remember the BROKER (the Mortgage Broker or the Hard Money Broker) Gets paid, Not only Upfront in their Application Fees and their Origination Fees and whatever else they can slip in on you, but they also get paid on a percentage of the intereste rate, basically the pts they convince you to Pay they get and they get this Really Good money, month after month - year after year. So though things look like they are bad for the Consumers, the Actually Large Lenders and the Big Boys THEY are not - the Big Companies are getting money from the Government to Bail them out of the Mess they Created.
In fact Business is Better then Ever Because now that so many have been foreclosed on, their credit is bad - and the Hard Money Loan Guys can get them to agree to what ever interest rate that they want to, and remember the BROKER (the Mortgage Broker or the Hard Money Broker) Gets paid, Not only Upfront in their Application Fees and their Origination Fees and whatever else they can slip in on you, but they also get paid on a percentage of the intereste rate, basically the pts they convince you to Pay they get and they get this Really Good money, month after month - year after year. So though things look like they are bad for the Consumers, the Actually Large Lenders and the Big Boys THEY are not - the Big Companies are getting money from the Government to Bail them out of the Mess they Created.
realtors lie
Mortgage Brokers Are Still in Business.
And the Mortgage Brokers, Hard Money Brokers and such in Your Town - they are Back to Business as Usually as Long as the "Loan to Value" is there. Which is where the Appraiser again come in, as do the Realtors - this "illusion" is NOT hard to Create. Mortgage Brokers are Not Held Accountable for Fraud - Lies and Deception... Until they are There is NO end in Site .. So Protect yourself with knowledge.... www.SavvyBroker.com
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