ResMAE, a large stated income lender, announced a year ago the discontinuation of all their stated income loan programs used for self-employed borrowers. Since then virtually all sources of loans for the self-employed are all gone.
This isn’t surprising considering that most stated income loans in practice are simply fraudulent. The industry dubbed them [...]

Mortgage originators tell you your mortgage lock is in force when it is NOT. Lying about your mortgage lock status is a common practice to increase loan revenue or cover loan officer mistakes.
Loan officers are always trying to make the most yield spread revenue on every mortgage. Telling you the mortgage lock is [...]

The Fed makes a rate cut and current mortgage interest rates rise. The current mortgage interest rate on 30 year fixed loan routinely inches up compared to rates before the cut.
Consumers are expecting the opposite to happen and yet it rarely does. This opposite market reaction is pretty consistently over [...]

I am afraid it is not that simple.
Finding an “honest” mortgage broker is part knowing how to interview them and part “keeping them honest” by demonstrating your knowledge. In other words, the brokers (even the good ones) are willing to over-charge, if the client shows no real knowledge of how loans are priced, locked, [...]

The right mortgage broker is the home loan consumer’s best choice. A mortgage broker locates and procures the funds through multiple relationships with money sources. This wider reach into the market is one of many reasons a broker is a better choice.
Mortgage brokers can originate your loan but rely on wholesale lenders to [...]

The idea of “staging” a home to make it look alluring to buyers has become a necessity. The goal of home staging is to create an increased demand for your home selling it faster and for more.
Home staging is a must if you are to sell your home in this current tough market.
What is Home [...]

I’ve compiled a few resources on average mortgage rate data and yield spread premium starting with Congressional testimony from experts and ending with average mortgage rate resources online.
Be sure to read the Harvard Professor Jackson’s testimony if nothing else….
Mr. Olson’s Senate Testimony
HUD’s RESPA FAQ Site
Harvard Professor’s Conclusions on YSP
Here’s the average mortage rate [...]

The Mortgage Scam Checklist is 37 tip-offs you’re being lied to, scammed, or conned. Each tactic or statement is a mortgage scam designed to separate you from your money.
I’ve often been asked the question, “How can I tell a mortgage scam when I hear one?”
To answer that question, I put together the “The [...]

Eliminating yield spread premium starts by avoiding banks like the plague. Bank mortgage rates will always include their version of YPS since they have no legal duty to disclose it.
(In the banking world YSP is call service release premium. This “different” classification was the legal technicality or loophole the industry used to [...]

Mortgage yield spread premium is responsible for up to two thirds of the revenue earned on every mortgage. Yet most Americans have no knowledge of mortgage yield spread premium or how to avoid it.
No one in the mortgage and banking industries wants you to find out about mortgage yield spread premium because it [...]