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Homebuyers Beware: Who’s Ripping You Off Now?—What You Must Know About the New Rules of Mortgage and Credit by Carolyn Warren

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12. Broker, Banker, or Direct Lender?

Where is the best place to get your loan? Bank, mortgage broker, or direct lender?

Read this true story for the inside scoop. Kay worked first for a national direct lending company, and that’s where I met her, sitting at a large oak desk taking loan applications by phone. She was the queen of loan applications.

I asked, “How do you get more apps than anyone else here?”

Beaming, she said, “I tell them whatever they want to hear.”

Kay was recently hired and didn’t fully understand the business. All she knew was that she was supposed to take three applications a day, so to accomplish that, she agreed to whatever the person on the other end of the phone said they wanted. As you can imagine, a lot of those in-coming ...

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