It is nice when an association you are a member of gets a little attention in the big press. There is a great article in the New York Times that discusses the difficulties associated with mortgage lending:
The problem is, many people have little idea what constitutes normal closing costs for their loans. In fact, relatively few borrowers even know the important factors that determine their mortgage interest rates.
And...
It is little wonder, then, that borrowers often cannot navigate the more complex world of closing costs, which involve paying an array of fees to the loan’s originator, appraisers and those who vouch for the legitimacy of the title, among others. “You’ll absolutely find that if people don’t have the economic education background they need, they’ll end up paying more for a mortgage,” said Tim Miller, a spokesman for the Center for Economic and Entrepreneurial Literacy.
They make the following suggestion...
Borrowers can probably make their lives easier by doing business with members of the Upfront Mortgage Brokers Association. They are brokers who promise to state in advance their fees, as well as most third-party-fees, excluding items like interest and escrow expenses.
I could not agree more.
Here is the full article (free registration required)
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