XBroker explains in great detail mortgage broker tricks
Posted by Pat Kitano at 9/8/2006 6:47 PM 
Categories: Technology, Realty Realities, Real Estate Economics, How-To's, Cool Web Tools
Categories: Technology, Realty Realities, Real Estate Economics, How-To's, Cool Web Tools
Here's a real transparency play...
I've never seen such a detailed exposé on the Yield Spread Premium (YSP) until the XBroker appeared... Every post - credit, documentation - is detailed and a highly recommended read for loan brokers and borrowers alike. I've always heard bits and pieces of the tricks of the trade, just hasn't been documented like XBroker does.
The Mortgage XRay is a fine service for borrowers to check on the decency of their loan that should be offered by more ethical loan brokers.
How did I find out about the XBroker?... the XBroker, Jeff, is a main participant in a discourse on the Redfin blog that starts off innocently enough with the legal term "procuring cause" as a basis for disputing the Redfin commission rebate to the buyer they represent. Hilarity ensues as Jeff takes a quick bald faced shot at the 6% commission, it weaves through a battle of "unqualified" assumptions, and finally evokes a few taunts on the order of "if you're so hot, why aren't you successful?" It is to read... if only to see how intense the Realtor vs. Discount Broker debate can get.
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loans mortgage brokers scams xbroker
Transparent Real Estate and their 'Mission' represent the ‘highest and best’ practices in these days of open information; I applaud your efforts and look forward to seeing you grow… also appreciate the post and have dutifully reciprocated the gesture.
Best of luck.
Jeff ‘The Ex-Broker’
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