Wednesday, September 20, 2006

Confessions of an Ex-Mortgage Lender - Yahoo! News

"Confession Time.
The strategy of lenders, he learned, is to maintain an uneven playing field with their clients. 'The average person only gets a mortgage every seven years. How can you become good at something you do every seven years, especially if you're dealing with somebody who knows all the ins and outs and is doing this several times a day?' he recently told BusinessWeek.com.
After a year of putting up with what he felt was the industry's lack of integrity, Janusz left the business for good. Still, he felt he was privy to information that the public rarely gets to see. He vented his frustrations -- and spilled his guts -- in the 2005 book Kickback: Confessions of a Mortgage Salesman (Insight).
The book details the sophisticated traps lenders set for clients they see as suckers. 'If somebody came in wearing cowboy boots and ripped-up jeans, those are the people you took to the cleaners on fees. That was the unwritten rule -- we were looking for people we'd see as having less-than-perfect credit.'"

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