It was 2004, and the real estate market was on fire.
Down in the Southern California housing market, a hub for home loan lenders specializing in loans to people with weak, or subprime, credit, brokers were making a fortune pushing risky mortgages on home buyers.
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As a former mortgage broker, Adryenn Ashley thought she knew what to expect when she refinanced the home loan on her house in March.
Yet she was unprepared for one twist she encountered: A barrage of phone calls and e-mails from lenders vying to sell her a better home loan.
A federal grand jury has indicted a mortgage broker on wire fraud charges in connection with home loan applications he filed on behalf of a father and son for their purchases of 55 homes.
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The California Department of Real Estate is trying to bar a local mortgage broker from the industry, accusing him and his company of arranging inflated appraisals in order to pocket huge commissions.
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Potential buyers, here’s a question to contemplate: Is my mortgage broker really working for me?
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The heads of trade groups representing mortgage brokers and lenders traded barbs Tuesday over who’s to blame for the housing market’s woes.
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Money may not grow on trees, but for a whilel it seemed to grow on houses, and Colleen Moorhead knew exactly where to turn when she needed to harvest some cash.
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In a bid to crack down on rising abuse by loan officers in the New Jersey mortgage marketing field, a state senator has unveiled a proposal to make sure the Garden State’s 42,000-plus mortgage solicitors receive mandatory training, criminal background checks and licensing exams.
Morning commuters in Boston, Chicago and the Phoenix housing market are slapped awake by the voice of a pugnacious Texan shouting out of the radio.
“When your mortgage payment goes up 400 bucks a month, you can dislocate your jaw and swallow it like a snake eatin’ an egg,” the voice says.
Cheating on mortgage applications is so widespread, and so seldom punished, that it’s fueling an increase in foreclosures that will prolong the housing slump, said Robert W. Russell, counsel to the director of the U.S. Office of Thrift Supervision, which oversees savings and loans.