Broker Banks: Does Your Mortgage Broker Have a Dirty Little Secret

Home Loans

Broker Banks: Does Your Mortgage Broker Have a Dirty Little Secret
(presented by www.refinance-refinance.net - mortgage lenders)

By Louie Latour

Is your mortgage broker an actual broker, or simply a bank pretending to be a mortgage broker? Banks exploit a very large loophole in mortgage disclosure laws and frequently masquerade as mortgage brokers on the side. Here are several reasons you need to avoid Broker Banks and expensive mistakes you need to avoid.

The Real Estate Settlement Procedures Act (RESPA) protects homeowners in the United States by establishing requirements for disclosing mortgage lender markup and fees. When the bill was making its way through Congress, the Banking Lobby spent millions of dollars lobbying Congress to be excluded from this legislation. When RESPA became law, the Banks were exempt. This means Banks are not required to disclose how much they mark up your mortgage interest rate, and the reason you should never take out a mortgage loan from your Bank. Why would you even think about taking out a mortgage from someone that doesn

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This entry was posted on Thursday, January 4th, 2007 at 6:44 pm and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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