Kickbacks in mortgage lending and real estate occur too often. You may not see it directly in your loan, but many Loan Officers are giving or paying for borrower introductions which COST YOU MONEY. Why can there be as much as 1.50% difference in rate quotes between the BEST and the worst?
Example: Our Consumer Finance Protection Bureau (CFPB) issued orders against Freedom Mortgage Corporation and Realty Connect USA Long Island for illegal kickbacks. In summary, $2 million in fines:
  • Realty Connect was among the 40 brokerages and received $6,000 per month from Freedom but did not perform many of the marketing tasks required under the agreement, the agency said.
  • Other alleged violations include Freedom offering real estate brokers and agents fee-free access to industry subscription services, which included information about property reports, comparable sales, and foreclosure data. These perks were allegedly offered in exchange for a requirement for agents and brokers to agree to be paired with a Freedom loan officer. Freedom also offered free access to parties and other exclusive events.
Solution: Get more than one mortgage loan quote and talk to more than one realtor. Yes, it takes time, but too often we trust one person. Has that person been involved in many transactions? Just because they had one positive experience, doesn’t make them an expert.
For the best results, contact Dan the Man for Mortgages. We get quotes from many lenders of ALL Types to provide the BEST results and will introduce you to many lender options.
Rave review on Google:
“Dan Stone was able to find a great lender to secure my 15 year refi loan, with a rate far lower than your average high profile lender. He stayed in contact with me and the lender through the entire process to ensure everything went smoothly. I highly recommend Dan to anyone looking for a mortgage loan or to refinance.” -Steven T.