Many mortgage lenders and bankers are outstanding professionals, although some, like any other business, are not. Finding the right path is explained in shorthand in a new book by David Lawrence. Removing the façade of an industry at the forefront of the real estate boom, an unfettered perspective brings to light the growing undertow of mortgage refinancing.
Refi-Bust: Mortgage Brokers Gone Wild! by David Lawrence, BookSurge 2006, ISBN 1-4196-3581-6, paperback, 150 pages, $18.95 is written by an experienced mortgage industry professional. With a keen eye to look at his own peers and see through the posh offices to the dark side of an industry that has run out of steroids and is coming off record years in residential mortgage loan origination and refinancing. Laying the groundwork for the rough waters ahead for homeowners who didn’t complete their due diligence before signing the line, Lawrence’s style makes you think twice about his own experience. We hope he reads this book before contacting his mortgage loan officer.
Chapter titles include: The Crazy Times, A Noble New Career, The Window, The Dear Telemarketing Department, Let Nate Shut It Down, The Busted Appraisal, What Credit Score Do You Want?, The 10 Point Line of Credit , Maximizing Your Rates, A Closing Agent’s Perspective, Can We Underwrite Our Own Loans, Are You Sure This 1% Loan Is Fixed For 30 Years, Foreclosure, Foreclosure, Foreclosure, Enough misleading advertising! The horizon?
In addition to the chapters, there is a preface, foreword, introduction, conclusion, epilogue, glossary, and informational resources for state mortgage divisions and an explanation of the Ohio Mortgage Broker Law. As a residential real estate broker, I found the book startling, yet educational. Although I must say that I have met and respected many mortgage professionals, this book sheds light on the seedier side of the business.
This book is a solid eight and recommended for homebuyers and homeowners, mortgage publishers and educators, and real estate agents and brokers.