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:

The idea perpetuated by the no cost refinance advertisers primarily that no cost refinances even exist, is just mean. This no cost refinance fantasy will be put to rest here and now.

I estimate half of the people I have discussed mortgage refinancing with over the last year have wanted to know more about the no cost refinance loans they saw on TV or heard on the radio.

Yield Spread Premium (YSP) is without a doubt the most misunderstood and highly profitable secret the mortgage industry has kept from the American mortgage consumer.

The government’s own number pegs the consumer cost of the yield spread premium deception at $16,000,000,000 a year

…yes that’s billion, with a “b”! My own figures put it into the hundreds of billions of dollars since the government’s numbers were woefully short-sighted.