The mortgage rules have changed

With foreclosures at a record high, lenders have had to retool the entire mortgage lending proceedure. No more stated income loans, inflated home values. The one thing that really hasn't changed is the mortgage brokers ability to mislead you. Mortgage lenders do not have to adhere to the same guidelines and brick and motar lenders. The only goal for a mortgage lender is to get your name of the bottom line and move on to the next customer. I would say that the mortgage brokers could be blamed for the majority of the bad loans now being absorbed by banks and investors.