what do you think about what is happening in the mortgage industry
@showmethecash (122)
United States
March 18, 2007 4:32pm CST
WOW times are getting tough!!! Im a contract mortgage processor and I can not believe how hard this industry is getting slammed in the subprime world?? Which is so sad since most people fall under that subprime category. Rates are crazy high!!! Can you believe Big Time lenders are closing doors on the daily facing billions of dollars in loan buybacks? What about just how many people are default and facing to loose their home?? I would love to hear what others around the world are getting from this market change!!!
1 person likes this
1 response
@judyt00 (3497)
• Canada
18 Mar 07
I find that mortgage brokers are just being greedy. Lets face it, most go into the business knowing that they will only have to wait a few years and they will own houses right and left because they are charging such high rates. We went to the bank to get our mortgage, and I think we were lucky because the payments are only half of what a mortgage broker would be charging right now.
@showmethecash (122)
• United States
18 Mar 07
Well I dont work with Greedy Brokers however they do exist though. Remember though the Brokers dont make the rates, the lenders on wall street do and they are federally regulated. Brokers only make money by the points they charge which in most cases cannot be more then 5 points. The payment you make goes to the bank who accepted your loan not the broker. Also note banks only give loans to A paper not subprime which usually means you have a high 600 score or better and most likely you also have verifable assets. Im glad you were able to get a good payment but hopefully more importantly you have a FIXED rate and not an ARM (which is usually how people get a lower rate or so it seems) Should you ever have any questions in the mortgage biz keep me in mind!! I never mind helping as long as the person wants the help!!!
