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The National Association of Realtors and the Center For Responsible Lending produced a brochure entitled: How to Avoid Predatory Lending. Please take a moment to review this information from the NAR website… http://www.realtor.org/home_buyers_and_sellers/how_to_avoid_predatory_lending NAR says: Here are some common problems with predatory loans. (I have included examples from my personal experience with Scott Veerkamp.) 1. High interest rates and fees: Example A: $960 application fee. Example B: $500 processing fee. As discussed earlier, the National Association of Mortgage Brokers says it is not necessary to pay application fees and processing fees. Therefore, the cost of these items should be ZERO as opposed to $1,460. 2. Loan Steering: Example A: $4,799 Yield Spread Premium. Example B: $1,440 Yield Spread Premium. The Center for Responsible Lending states the following with regard to Yield Spread Premium: YSP is a bonus a lender pays to reward a mortgage broker for placing or steering a borrower into a higher-cost loan than the borrower qualifies for. Yield Spread Premiums are a destructive feature of the subprime market because they give brokers an incentive to act contrary to a borrowers best interest. The effect of YSP is to steal equity from struggling families. 3. Broken promises, Bait and Switch.: Example A: As qualified professionals, we’ll guide you through the entire home buying experience and assist you in being an educated buyer. Example B: We will do our very best to help you get the lowest interest rates possible at the lowest possible price. Example C: You can trust our REALTORS to always keep your interest first and foremost. Example D: Keeping the interest of my clients above all else. Example E: Serving Others First. Example F: REALTORS are required to protect and promote the interest of the client at all times. Example G: REALTORS are required to follow the Golden Rule at all times. Example H: The term REALTOR has come to connote competency, fairness, and high integrity. In addition, NAR says you should ask the following question: Does the lender belong to a trade association with ethics requirements for members? In my case, the answer is yes. Scott Veerkamp is a member of MIBOR and the National Association of Realtors. The article also encourages people to do the following: Share predatory lending horror stories with regulators, other consumers, REALTORS, counseling groups, housing professionals, and the media. As everyone knows, I have taken their advice on this issue. I believe it is important for consumers to be aware of Predatory Lending tactics in their community. In closing, please review the articles below from the Center for Responsible Lending. This will give you a better understanding of the Bait and Switch tactics some brokers use when misrepresenting their clients. Jim Bruggenschmidt http://www.responsiblelending.org/mortgage-lending/research-analysis/ib-ysp-110507-final.pdf http://www.responsiblelending.org/mortgage-lending/tools-resources/ib011-YSP_Equity_Theft-0604.pdf

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