Whatever happened to our mortgage broker?
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Hi,
You are right. Once we got some loan, we become slaves to the lenders. We can't help it and they try their best to be on the safer side all the time to ensure that they get repaid properly. You can get more info on this issue from http://mortgage.creditmortgagepro.com . Check it out. Good luck!
Whatever happened to our mortgage broker?The thing is, what are you going to litigate for. If the broker fails to get you alone thats really annoying but you probably have not lost much money. Are you just going to sue the guy because hes a bit of a rogue and if you did what damages would you expect to get. Don't get me wrong I really think this industry needs to be better regulated and that half these guys are really lousy (I would go so far as to say thieves), but suing them may not be the way to go.
Whatever happened to our mortgage broker?The mortgage industry requires licensure and, more importantly, a very large amount of capital. Most brokers do not have this capital but they affilliate themselves with banks that do. Thus, the ultimate responsibility for unethical brokers will, and should, fall on the mortgage companies. If mortgage companies are held liable (in terms of losses or lawsuits) they will be more selective as to who they allow to write loans.
The mortgage industry is a very large industry and there are many, many ethical loan brokers that work very hard. Those that are unethical should be weeded out.
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