ELoan Mortgage bailed out on the subprime market about a year ago. Back then ELoan Mortgage was the first of many lenders to turn their backs on the subprime borrower.

As I predicted a few posts back, the bruised credit borrower would be left out in the cold the minute the big boys figured out the subprime loans they pushed so feverishly just 18 months ago are ticking time bombs ready to explode.

The mortgage application deposit scam is a long running scam. The idea is to get your mortgage application and the accompanying deposit at all costs!

Saying or doing virtually anything to get your signature on the mortgage application along with your deposit is the name of the game.

Typical sales “hooks” used in the mortgage application deposit scam:

All the online rate advertising websites claim to have the best mortgage rates. It is easy to claim you have the best mortgage rates when you have no oversight.

There is more than one lawsuit claiming the rates Bankrate.com, for example, post are manipulated by the companies that advertise on their site. A recent $46,000,000 verdict was pinned on NovaStar for allegedly making false mortgage rate postings on Bankrate.com. They plan to appeal.

I see a commercial on TV for E-Agent.com.  Maybe you have seen them too…they have a big red circle with a lower case “e” in it.  It seems they are pretty new so don’t let them get any bigger!

Here is what they say on their commercial.

(TV marketing at it’s finest…)

1. Identify great deals