So in the last posting we spoke about the A.P.R. and I told you how a bank L/O will focus on the A.P.R. fee in an attempt to make there loan look better than another loan. Now if you recall the “bad brokers” would up sale the rates to get large rebate money on the back side from the lenders. Yes I agree that this was not good and misleading to some degree. But ask your self this, what are the banks doing right now today? They are up selling your loan and hiding behind the A.P.R. fee. So isn’t that disingenuous? If not please anyone tell me how this current business practice is any different than what the banks accused the brokers of doing?
Yesterday the Stock Market took its history 1000 point drop in 30 minutes and some are calling it a mistake by a data entry mistake the so called “fat finger mistake.” Well anyone that can see a keyboard knows that there is an “N key” between the B and M keys on a keyboard so guess again. The only way this holds water is if you push our common sense aside. So this real time story is going to be interesting to see how it plays out.
Now that I have beat the dead horse with use your common sense and leave emotion out I will begin speaking about the details of a loan in terms of sales ploys that both bank L/O’s and broker L/O’s use. I am sure that many of you will have heard some if not all of the basic so called tricks. Well the sales teams are always working on new tactics on both sides so I will enlighten you on them as well.
Everyone have a great weekend and please stay tuned….