The reason for that is most borrowers aren’t familiar with how mortgage lending works, so when they get connected with a shady broker, they have no other information to go on other than what that broker’s telling them. Because of that lack of knowledge it’s easy for shady brokers to take advantage of you. It’s a situation where, unfortunately, a lot of people see this industry as a way to get rich quick and they’re willing to do anything to make that money…these brokers make it more difficult for the rest of us.

Listen, just like any other business, you’re not going to succeed unless you give the customer what he/she wants. These guys may make some quick cash, but I think a lot of them are going to end up in jail as a result of this subprime crackdown we’re having.

Ultimately, a good, trustworthy mortgage broker is worth his weight in gold. Don’t let your fear of being taken advantage of keep you from purchasing. Purchasing a home is your first step toward getting ahead financially. Education is the best medicine for this virus – if you know what to expect, it’s going to impossible for some shady broker to pull the wool over your eyes.