I’m sure you’ve noticed many recent headlines about mortgage fraud, mortgage lender “misdeeds” and even arrests. It seems it’s in the newspapers, on television, and on line. Even links are presented on Facebook and Twitter informing of the issues this country currently faces. If you haven’t been aware of these issues, here are a few examples to bring you up to speed:
Defendants Arraigned in Suffolk County Mortgage Fraud
Two Indicted in Mortgage Fraud Scheme
Arrests Made in Alleged Orange County Loan Mod Scam
After Audit, HUD Office Files Charges Against Georgia Lender
N.J. Lender Subpoenaed by HUD, Stops Funding
So why would a mortgage lender bring this up? Because we believe it makes sense to do your due diligence when preparing to sign a contract – a contract/loan that will most likely be the largest investment you’ll ever make.
If you’re considering purchasing a new or refinancing your current home, we encourage you to do your homework. The same goes for any other type of transaction that includes your residence (home equity, reverse mortgage, etc.). Check out the mortgage company. Ask friends and neighbors for referrals. “Interview” a few before making your decision.
And when you’re ready for that next loan, we’ll be happy to assist you. Honestly, ethically and in your best interest.
Cream of the crop
According to a recent article in National Mortgage News, it would seem that “no one in his right mind would choose” to be in the mortgage business. They back this statement up by citing the upheaval that the mortgage industry, as a whole, has experienced.
We have all read and heard about some selling loans to consumers who cannot afford them, charging excessive fees, being scrutinized by the government and many loan companies going out of business.
Many mortgage brokers (or should I say “former” brokers) have moved on to other fields of interest. So, what does this say? We here at Grandview Lending believe this is a good thing. Most still in business today are those who are ethical, commited to serving their clients and have a passion for helping people own their piece of the American Dream.
The National Mortgage News article also stated that those who are “… left standing today are believed to be the cream of the crop — experienced, motivated and highly professional.” I totally agree!
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