- INTRODUCTION -

The mortgage industry has a “Big Secret.” In fact it has lots of secrets. As a mortgage broker with over 20 years of hands-on experience, I know these secrets. My employees know them too, along with every loan officer, mortgage broker and lender, loan processor, real estate closing attorney and just about everyone else in the mortgage lending industry. Knowing these secrets could save you hundreds, possibly thousands of dollars on your next mortgage. This eBook will reveal these secrets along with other hidden data, insider mortgage information and tips, giving you the information and tools needed to help negotiate the most cost effective mortgage.

Detailing the inner workings of the mortgage industry, this eBook will show how you could be overcharged on your mortgage, starting at the closing and continuing until the very last payment. After reading this eBook, you will possess the information necessary to receive the lowest interest rate and fees for your next mortgage, while obtaining the best mortgage for your financial circumstances.

This is not a “how to get the best mortgage for you” manual. It is intended to give a “start to finish” glimpse at the mortgage process while educating you on how and where the money is made on every loan. You will take a journey inside a mortgage company for a different view of how loans are originated, processed and closed. The purpose of this eBook is not to simply get you some of the money that is now going to the mortgage company (money you probably had no idea existed), but also to save you money in other areas of the transaction.

I am certainly not the first to discuss these secrets. Articles have alluded to them, they have been discussed in blogs, lawsuits have been filed over them, newspaper editorials have been printed about them, Congressional hearings have been held concerning them and just recently the President of the United States spoke of them. But unless you know how and where to locate this data, it would be very hard to find, decipher and more importantly, how to apply these secrets. This eBook will show you how to do just that.

Many people in the mortgage industry do not want you to know these secrets. For years, mortgage lenders have been trying to get the government to force mortgage brokers to clearly disclose this data to the borrower while at the same time lenders are legally able to keep the information hidden. And mortgage brokers are still trying their best to hide it.

I have worked for both large and small mortgage companies, and they all condoned, if not encouraged, the practice of overcharging the borrower. In fact, so many borrowers have been overcharged that local, state and federal agencies have had to step in to try to curb the practice with so-called Anti-Predatory Lending laws. Education is the solution, not regulation. As a testament to the problem, the editor of a well known mortgage industry magazine recently wrote an article titled “No to Overcharging”. Knowledge is power, and these secrets are just hidden knowledge. This eBook will give you the power to save a lot of money on your next mortgage and hopefully never overpay again.

I have been in the mortgage industry for over 20 years and currently I own my own mortgage brokerage company which is licensed in three states. I know how to make money offering mortgages. Just as every smart loan officer does. I also know a lot about how to make extra money on mortgages. But should this extra money be made at the expense of the borrower? How much extra is enough? How much is too much? Ethical mortgage brokers face these questions on almost every loan they originate.

In the mortgage business, most loan officers are paid on commission. This means the more income made on the loan, the more money for the company and the loan officer. When quoting an interest rate to a prospective borrower the loan officer must ask themselves, “How much am I going to make on this loan?” “Can I make more?” And, “How much is too much?” I have had many discussions with loan officers concerning this very issue and, quite often, the answer depends on the amount of the proposed loan, the type of loan, if the borrower shopping around, the anticipated “maintenance” level of the borrower, their credit scores, and how savvy they are about obtaining a mortgage.

This eBook will give you important questions to ask the loan officer, such as, “How much money is being made on my loan?” And, “How can we lower these fees?” You will play a part in the decision regarding how much of that money will go to you and not the mortgage company.

There is nothing wrong with making a profit. If there was no profit to be made there would not be mortgage companies to offer home financing. However, that profit can be balanced in the borrower’s favor just a little more, so both parties can benefit from the transaction.

My decision to write about and disclose the secrets in the mortgage industry has been simmering for years. I have been torn in different directions, ethically speaking, between loyalty to my profession and keeping its secrets hidden, versus the need to run my business openly and honestly and help bring appropriate values to the mortgage lending industry. I know that revealing these secrets and insider information is fair to all parties in the mortgage transaction.

This eBook deals with more than just learning secrets, it also discusses how to find a good mortgage company and negotiate and work with that company. As well as, how to understand the costs in obtaining a mortgage, the loan process, pricing of the loan and ensuring you close on time and end up with a mortgage you are comfortable with. There are also quite a few tips and tricks along the way, with nearly every chapter containing secrets and hidden data that can help save you money and make the entire process move along smoothly.

My goal in writing this eBook is to help inform the public about what really goes on in the mortgage business so future borrowers might benefit financially and help make the financing process a smooth one. When you are through with this eBook I hope that you will have gained at least some knowledge and insight into the inner workings of the mortgage industry and you will be able to benefit from it. I welcome your thoughts and comments, and if you have been able to apply even one of these secrets or tips to your advantage please let me know how it worked for you.

Adrian Skiles, GML
Adrian@SecretsOfMortgageLending.com

What is covered in Secrets of Mortgage Lending

The book mortgage companies DO NOT want you to read!