So many clients and new callers tell me that they have been led astray by mortgage brokers, that it seems to me more the rule than the exception that mortgage brokers are a problem. There are, of course, some very good ones. I have had many positive experiences working with a few who were able to help my clients refinance under very difficult circumstances. I have weeded out those who are useless. That includes the ones that don’t return calls or make obviously false promises. Many property owners have come to me telling me horror stories of some mortgage broker who promised to save them from foreclosure with a refinance and inevitably the new loan never happens. Sometimes there are valid reasons why – for example, the LTV is too high. What is troubling is that most brokers should be able to determine if someone will be able to get a new loan within a week or so. It is not that difficult to determine if a conventional or a private lender’s underwriting guidelines are satisfied. So, why do so many brokers make false promises and give homeowners the runaround for months on end? Read more