http://thexbroker.com/2007/03/30/the-mortgage-cartel-and-the-need-for-transparent-search/ Radical Transparency for The Real Estate and Mortgage Industrys Wed, 20 Aug 2008 09:46:25 +0000 http://wordpress.org/?v=2.3.3 http://thexbroker.com/2007/03/30/the-mortgage-cartel-and-the-need-for-transparent-search/#comment-1029 Creative Financing Guides » The Mortgage Cartel and the Need for Transparent Search- About: Creative Mortgage Financing Thu, 05 Apr 2007 10:56:21 +0000 http://thexbroker.com/2007/03/30/the-mortgage-cartel-and-the-need-for-transparent-search/#comment-1029 [...] The problem with Reg X was that it only addressed the mortgage broker—leaving mortgage bankers, for all intents and purposes, untouchable. Operating beyond the reach of Reg X, online uber-shills sucked billions of dollars in overpaid interest expense out of the economy through such notorious schemes as DiTech’s "$395 Flat-Fee Loan a Trojan horse packed with up to 3 points in hidden yield spread courtesy of an inflated interest rate. At the peak of the refi boom, the Mortgage Cartel had effectively turned the Internet against consumers making the process of obtaining a mortgage online nothing more than a faster ride down the same dark alley. When comparing identical offers from a mortgage broker and a mortgage banker, consumers routinely chose the more expensive loan. read more [...] […] The problem with Reg X was that it only addressed the mortgage broker—leaving mortgage bankers, for all intents and purposes, untouchable. Operating beyond the reach of Reg X, online uber-shills sucked billions of dollars in overpaid interest expense out of the economy through such notorious schemes as DiTech’s "$395 Flat-Fee Loan a Trojan horse packed with up to 3 points in hidden yield spread courtesy of an inflated interest rate. At the peak of the refi boom, the Mortgage Cartel had effectively turned the Internet against consumers making the process of obtaining a mortgage online nothing more than a faster ride down the same dark alley. When comparing identical offers from a mortgage broker and a mortgage banker, consumers routinely chose the more expensive loan. read more […]

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