Friday, December 28, 2007

posterchild for jerk predators

Honestly, I read comments like this and want to toss this child into detention and that's what regulators ought to do. Listen to this unkind creature:

Now you’ve got to be kidding me. Let me guess you work retail? The reason brokers will be around is because we’re smarter than you. We realize that the costs you’ll endure will always make us more profitable obviously depending on scale. I can work from my home with a $800 laptop, $350 all in one, and a couple of online accounts (credit,point,leads). Make $6000/mo selling 2 loans to some small start up regional bank only charging my borrower 1.5% ysp beat your rate by .5 and your costs by .5% or more(average LA 250K). You and all the other retail/bank people just don’t understand that we were 75% of the business coming in up until recently, you can’t believe how many of us kept in touch with our old clients. Is it going to be tougher to find 2 clients a month YES will I still play 4-5 rounds of golf a week YES…Good luck with your PREDICTIONS career, your going to need it.

Aaron makes this comment on a blog article that laments the future faced by mortgage brokers following the subprime crisis.

Aaron is a classic predator type who is wired differently than the good guys. He sees mortgage lending through his predator eyes and thinks he's smarter than the rest because he captures a couple of juicy meals each month that support his lazy ass. Can you imagine how corrupted the pricing of mortgage loans has become when two - TWO - transactions can support one person. This isn't how it used to be and mortgage lenders and lawmakers ARE working to restore some sense of reason and sanity.

Consumers, I've got some advice. Yes, it will be hard to separate the good mortgage brokers from the predators. Here's one easy test. Look for a mortgage broker who can offer FHA mortgages. Even if you are not in the market for an FHA mortgage, knowing your mortgage broker is APPROVED by the FHA adds loads of credibility.

The FHA requires net worth and audited statements. The FHA also audits the business practices of their approved mortgage lenders.

So, don't stop using mortgage brokers, just stop being easy prey for predators.

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