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.

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:

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.