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Those Evil Mortgage Brokers

By Peter Olson, Esq.

Well, lets not over-generalize...I mean I don't like all those lawyer jokes.

But, new research by the Center for Responsible Lending shows that subprime borrowers with brokered loans pay significantly more than their counterparts who deal directly with lenders.

In the first four years of a mortgage, a typical subprime borrower who has gone through a broker pays $5,222 more than if he or she obtains the loan directly from a lender.

Here's the full report & an Executive Summary, plus a Sun-Times overview.

Full post as published by Closing Real Estate in Chicago on April 11, 2008 (boomark / email).