Mortgage Broker

Mortgage Broker

A Mortgage Broker is an independent contractor who offers the loan products of multiple lenders termed wholesalers. A mortgage broker counsels on the loans available from different wholesalers takes the application and usually processes the loan.Email this to a friend?Tweet This!Share this on FacebookPost this to MySpaceSubscribe to the comments for this post?Share this on [...]

Missouri cracks down on mortgage fraud

April 20, 2009 FHA Mortgages

Missouri attorney general Chris Koster today announced his "zero tolerance" campaign against mortgage scams upon filing lawsuits against two businesses that sent misleading direct-mail advertisements for mortgage refinancing to consumers.In today’s lawsuits, Koster said that Goldstar Home Mortgage sent deceptive direct-mail letters to consumers encouraging them to refinance with products that were inappropriate for the [...]

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Fed offers five tips for mortgage shopping

August 3, 2009 Mortgage Financing

The Federal Reserve has published five tips to help homebuyers get the best deal on a mortgage. The following tips should help buyers avoid common mortgage pitfalls.
First, homebuyers should know what they can afford. Review your monthly spending plan to estimate what you can afford to pay for a home, including the mortgage, property taxes, [...]

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Commercial real estate brokerage activity sees Q3 2009 increase

November 21, 2009 Mortgage Financing

In an industry that has seen its fair share of bad news this year, the commercial real estate sector received some much-needed favorable news from the National Association of Realtors that indicated an increase in market activity for Q3 2009.
The NAR’s most recent Commercial Leading Indicator for Brokerage Activity saw an increase to an index [...]

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Fed proposes mortgage disclosure rules change

July 24, 2009 Mortgage Financing

The Federal Reserve Board on Thursday proposed changes to truth-in-lending regulations in an effort to improve the disclosures consumers receive in connection with closed-end mortgages and home-equity lines of credit.
Fed Chairman Ben Bernanke said consumers need better tools for determining whether a mortgage loan is appropriate for their needs.
"It is often said that [...]

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FHA suspends mortgage wholesaler

August 7, 2009 FHA Mortgages

The Federal Housing Administration (FHA) suspended a Florida-based mortgage wholesaler from underwriting FHA-insured mortgages, due to its failure to submit to a required audit and "certain irregular transactions that raised concerns of fraud."
FHA’s suspension is also based on the mortgage company’s failure to disclose, and its false certifications concealing, that it was the subject of [...]

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Mass. reaches $10 million settlement with subprime mortgage lender

June 10, 2009 Mortgage Financing

Massachusetts attorney general Martha Coakley announced that a California-based mortgage lender has agreed to pay the state $10 million in penalties and consumer relief to settle a lawsuit from the state.
The state had sued the mortgage company in October 2007, alleging that it was selling risky loan products that it knew could fail, such as [...]

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