This week's blog is going to be to simply vent a little frustration about some recent unethical mortgage practices I have encountered over the last week.
I was involved with a file recently where I was competing with a local bank for a loan. When it came down to comparing good faith estimates (GFE) with my competitor I was significantly higher. The reason for this was simply my competitor, a well known local bank, was not honest on his GFE. He had deliberately left off details such as odd days interest that equated to approximately $710.00 and some other small fee's to make his good faith estimate look as good as possible to get the business in the door. This is your classic bait and switch scam. You are promised X and given Y at the closing table. The difference between what this particular borrower was promised and would have actually had to pay at closing was $1,500 dollars.
It was for reasons like this Professional Mortgage Group, Inc. was started. When you receive a Good Faith Estimate from one of our Brokers at Professional Mortgage Group it will have every fee and cost stated.
Your comments and questions are welcome.
Brought to you by Professional Mortgage Group
Columbia, Missouri.
I was involved with a file recently where I was competing with a local bank for a loan. When it came down to comparing good faith estimates (GFE) with my competitor I was significantly higher. The reason for this was simply my competitor, a well known local bank, was not honest on his GFE. He had deliberately left off details such as odd days interest that equated to approximately $710.00 and some other small fee's to make his good faith estimate look as good as possible to get the business in the door. This is your classic bait and switch scam. You are promised X and given Y at the closing table. The difference between what this particular borrower was promised and would have actually had to pay at closing was $1,500 dollars.
It was for reasons like this Professional Mortgage Group, Inc. was started. When you receive a Good Faith Estimate from one of our Brokers at Professional Mortgage Group it will have every fee and cost stated.
Your comments and questions are welcome.
Brought to you by Professional Mortgage Group
Columbia, Missouri.
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