Consumers Helping Consumers

Mortgage Broker Bragged About Money She Made
R.D., Greenwich, Connecticut

I am writing just because I thought my mortgage person was arrogant. When I was meeting with her about a loan for a home I wanted to buy, I asked if business was good and asked if her business had been real busy. I told her how I thought it seemed that sometimes people were all needing refinancings and home equity loans, sometimes people were all needing regular home loans. I also asked if sometimes home equity loans were a pain because the loan balance was so low (I thought their commissions were based on loan balances).

I couldn't believe it but she went out of her way to tell me how she could make much, more, more money on home equity loans because people were too confused on home loans and don't understand how they work. She said that she can make more than even $5,000 even on low loans like $20,000 because people don't know how the loans work, or don't realize how cheap home equity loans are to do.

I don't understand why she had to brag to me like that like she was showing off or something. I am writing because I think this is sad and I want people to understand the kinds of people in this mortgage business and how they think.

Equal Home Finance Bureau Comment: While we don't feel that every mortgage broker is as unscrupulous as the one you mention, clearly there is a certain element of people in this industry who feel that they should "take" innocent consumers for whatever they can. However, she did mention that she seems to prey on those uneducated or unaware of the ways to defend against this type of practice. This gives us hope that people can defend themselves against this type of mortgage broker.

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