Mortgage companies have been consistently in the news for the past few months. Whether you go to the Brian Diez blog to get some insight as to how to maneuvre through this industry to Calculated Risk, equally insightful blog, you can read about what to watch out for when you look for a loan.
Business Week was also writing a piece on how the market is changing for lenders. In fact, many companies have tanked, such as, Ownit, MLN, Sebring Capital, while others are facing a grim future, Option One, Ameriquest. I can’t help but wonder how such companies get themselves in situations like these. They were the key players of yesteryears. Maybe they pushed too many wrong loans to people who couldn’t afford it that effected the market in a negative way? It seems to be that ways.
The next few months would logically push these companies to seriously rethinking their strategies. Let’s hope it involves smart loans and less fluff. I still don’t understand why lenders charge points when it clearly seems a way to make more money on a loan. I understand there are plenty of options but they are too confusing for most people.
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