Mortgage Rip-offs and Money Savers by Carolyn Warren

Author:Carolyn Warren
Language: eng
Format: epub
Publisher: Wiley
Published: 2011-03-15T00:00:00+00:00

Beware Third-Party Padding. Another thing to be aware of is the reasonable cost for a third-party fee. Some unscrupulous companies add their own profit on top of third-party costs. Here’s an example. It was the holiday season, and one major mortgage company threw a Christmas party for its employees. Awards were passed out, honoring the top producers. So far, so good. But then came an award for the loan officer who ripped off the most clients via the credit report up-charge.

It works like this: Credit reports cost the company $15, but whenever he could get away with it, the loan officer charged the homebuyer $60, generating an extra $45 profit for the company.

You read that right. A smooth-talker was given an award for lying about how much the credit report actually cost, and for overcharging the client. He had the gall to quadruple the fee, and then got an award for being dishonest more often than the others in his company.

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