Mortgage broker reveals shocking insider facts
Behind the industry curtain: dirty tricks to increase profits
The only people who should read “Mortgage Confidential” by mortgage broker David Reed are home buyers who want to avoid unnecessary mortgage fees, homeowners who want to refinance and save money, and real estate agents looking out for the best interests of their buyers. All others should avoid reading this superb new book because you will be shocked by what goes on in the home-loan industry.
The author must need 24-hour security guards because he reveals the dirty tricks some mortgage lenders use to secretly increase their profits at the expense of borrowers.
For example, Reed doesn’t hesitate to expose the unnecessary “junk fees,” such as administrative fee, processing fee, origination fee, documentation fee, and other creative titles, which are pure lender profits. He explains a junk fee is a lender charge that is not for a legitimate specific service, such as an appraisal, credit report, title insurance or survey.