Editor’s note: Steven Krystofiak offers an insider’s take on what’s been unfolding in the subprime mortgage industry. But he is no industry apologist. Stay tuned for a series of articles from Krystofiak on Inman News in coming weeks.

What constitutes a subprime loan? There is confusion in the industry infatuated with using a word without a proper and uniform definition. Is the decision of whether or not a loan is subprime based on income? How about the type of loan you get? Is it your credit score? Will you be forced to have a prepayment penalty if you get a subprime loan?

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