Industry News

Mortgage insider explains loan rip-offs

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I love insiders. Maybe it's because I'm a New Yorker, but I always want to find the "insider connection" who will get me the "best deal." So I was very excited to interview Carolyn Warren, a former mortgage loan officer who wrote a book explaining the ins and outs of her industry. Warren explains: "I had been working in the industry about 10 years; I think the turning point was when I had lunch with a mortgage broker and he told me he had just closed a loan and made $40,000." Disgusted by the greed, she wrote a consumer-friendly book, called "Mortgage Rip-offs and Money Savers" ( published by John Wiley. There have been other mortgage insider books, she notes, but she is somewhat unique in that she has been a loan officer and also on the other side of the door doing wholesale lending. So here's some of her expertise that she was kind enough to share with Alison Rogers, Inman's Real Estate Rookie: Rookie: I'm an agent, and I have a mortgage ...