Can a Mortgage Broker be held liable for pushing a loan through approval?
Written By: admin on September 27, 2009
One Comment
Can a Mortgage Broker be held liable for pushing a loan through approval knowing that the borrower has small or no chance on making the payments on a monthly basis?
Related Articles
- Salem mortgage broker indicted for fraud (KOIN News 6 Portland)
- Design for home « Akaselvi's Blog
- Mortgage Broker License Tennessee Mortgage 2nd Mortgage Terrible Credit …
- Excellent Mortgage Broker Vs. Terrible Mortgage Broker « Advices from …
- Renovation Tax Credit | Ladysmith Mortgage Broker
Related Financial Planning Posts
Tags: advices, bad credit, broker license, fraud, mortgage broker, mortgage broker, news 6, renovation, tax credit, tennessee mortgageTags: advices, bad credit, broker license, fraud, mortgage broker, news 6, renovation, tax credit, tennessee mortgage
No. The mortgage broker doesn’t approve loans, the underwriter that works for the lender does, and the underwriter simply is following guidelines provided to him/her by an investor that is willing to buy loans that meet a certain criteria.
Part of the mortgage bust needs to Fall on the hands of the borrowers…you need to KNOW if you can make the payments or not, and not rely on the lender to be a financial babysitter.