Don't Be A Mortgage Loan Casualty! Educate Yourself!
"Who Else Was Ripped-Off When They Bought Or Refinanced Their Home?"
If you feel you were "taken advantage of" when you applied for
and received your home mortgage...you probably were.
If you feel you could have done a better job getting your home
mortgage...
you're probably right.
If you, or someone you know is getting ready to purchase a first
home,
move up, or refinance, you better pay close attention to what I'm
going to share with you.
It's no secret how many Americans are losing or are about to lose
their precious piece of the "American Dream." They're about to be
homeless because of the "smoke and mirror" tactics shrouding the
mortgage industry. I'm going to blow the lid CLEAN OFF these nasty
deep pockets of profit, make tons of enemies in the industry and
protect you in the process.
The strategy of lenders is to maintain an uneven playing field with
their clients. The average person only gets a mortgage every seven
years. How can you become good at something you do every seven years,
especially if you're dealing with somebody who knows all the ins and
outs and is doing this several times a day?
My name is Louie Frias. You don't know me yet, but after reading
this expos on the mortgage industry's "dirty little secrets", you're
going to be glad you do. I've made an insane living for over
twenty-five years as a mortgage banker and broker. If there was a way
to make a mortgage fly, I either knew about it or created it and today
I'm going to share three of these "dirty little secrets" with you.
To understand how our society got here today, (mortgagewise anyway)
we need to go back a few years.
In the early-mid 1980's, this country was in a recession and
interest rates approached 20%! That's right - 20%! Ghastly rates like
these created a new era of financing - seller or "creative financing".
Money was so tight, we also engineered the 3rd Trust Deed! Can you
imagine THREE deeds on your home! This stuff was so crazy nearly every
homeowner in the country was one missed paycheck away from bankruptcy
and foreclosure.
These financing nightmares were necessary in order to move money
through the economy to keep us from sinking into a lurking
depression.. As a conduit to the money, it was my job to get as much
of it out there as fast as humanly possible. Every transaction brought
me huge profits because of my creative financing techniques nobody
else knew about.
Eventually the recession disappeared and the cost of money slid
downward. This was great news for every homeowner in every state.
Lower rates meant they could refinance and save their home. Guess
what? It was also GREAT news for me! Instant mortgage loan pipeline!
The volume was tremendous and we were scraping HUGE profits off the
closing tables. If you were smart, you treated every borrower as a
friend or relative because they would shower you with referral
business. If you were greedy, you bought yourself nothing but trouble.
(Remember, this is a highly regulated industry of uneducated,
unscrupulous, selfish profiteers.)
Need proof? Don't take my word for it...
September, 2007
HUD to Warn FHA Lenders on Excessive Fees:
The Department of Housing and Urban Development is preparing to
issue an "alert" soon that warns Federal Housing Administration
lenders about paying "excessive" fees to non-FHA-approved mortgage
brokers. "We are concerned [that] consumers are being charged
excessive fees," a HUD spokesman said. He said HUD is planning to warn
FHA lenders soon that these fees could be "duplicative." While
non-approved brokers can refer clients to FHA lenders, they are not
allowed to take FHA applications or originate FHA loans. Nevertheless,
FHA lenders are soliciting non-approved brokers to bring them
customers and loans to process. HUD investigators have found that some
lenders are charging borrowers points and paying $4,000 to $5,000 to
the brokers. The National Association of Mortgage Brokers said it
condemns this practice, which circumvents the FHA's approval process
for originators. "This loophole needs to be closed as part of FHA
reform" legislation, NAMB president George Hanzimanolis said.
Where do you think those fees are coming from? (Secret No. 1)
Need more? Read on...
September, 2007
NAMB Seeks Compromise on YSPs
The National Association of Mortgage Brokers is hoping to find some
middle ground with House Democrats on a provision in a newly
introduced predatory-lending bill that would ban "incentive" payments
to originators, including yield-spread premiums that are a broker's
main source of compensation. "I understand their intent is aimed at
incentive payments," NAMB executive vice president Roy DeLoach said,
where a securitizer pays an additional premium for certain types of
loans. The NAMB agrees that incentive payments should be banned. "We
want to clarify that an origination fee can be paid by the lender to
the brokers," Mr. DeLoach said. Otherwise, the mortgage brokers will
be forced to oppose the bill introduced on Oct. 22 by Reps. Barney
Frank, D-Mass., Brad Miller, D-N.C., and Mel Watt, D-N.C. "The
indirect compensation mortgage brokers receive from lenders is a
defendable fee that actually lowers closing costs to consumers," NAMB
president George Hanzimanolis said.
(There's Secret No. 2)
I think by now you've got to agree that it's open season on the
unsuspecting consumer. If you're not a loan officer, or someone that
understands the secrets of how mortgages work, that's YOU! (That Was
Secret No. 3)
Never before in the history of this country has money been so cheap
and repossessed homes and personal bankruptcies been so high.
So, who's making all the money and how?
In a word..."Servicers"
The nations largest servicer of mortgages charges up to 1/2% of
their loans held per year. As of June 2007, this servicer managed
$1.415 BILLION. Do the math.
Their ONLY goal is to throw as much money on the street as possible.
They don't care how it comes back because that's "...not their
problem." That's where mortgage bankers and brokers come in. Mortgage
companies hire loan officers to produce mortgages to sell to the
servicers for sizeable "back end" commissions.
If you are in the middle of a mortgage transaction or know someone
who is... STOP!
Don't make a mistake and become another statistic in a time when
foreclosures are at an ALL TIME HIGH!
Home prices will be leveling off soon and you'll want to be
positioned to take advantage of that.
To be prepared, you need to get educated.
I'm going to pull back the curtain and show you secrets loan
officers don't want you to know in a FREE, three-day report.
It's only part of an exclusive manual I created called "How To
Never Get Ripped Off When Getting A Mortgage". For anyone wanting to
learn a new career, it's also known as, "How To Become A Successful
Mortgage Loan Officer".
Here's a sample of what's in the complete manual...
* How much do loan officers make?
* Where do they find loans to fund?
* What is a FICO score?
* What is a "YSP?" How does it affect the interest rate?
* Who can be prosecuted for violating section 32?
* I think I was ripped-off, who do I contact?
* How do I get the best loan?
And much more...
If you're thinking you need this information, you're right.
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