Changes Needed In Mortgage Industry

Is it enough just for consumers to be aware of the issues that the mortgage industry are facing - or maybe the mortgage industry needs to take some responsibility in the relaxed regulations that govern the industry. Possibly, but since that has been a topic of debate among industry leaders due to the increase in publicized mortgage fraud there has been less of an emphasis on the more common problem with loan officers, brokers, and lenders: commission-vision. Okay, so that's not an official, but compared with tunnel-vision the affects are surprisingly similar.

When a professional in the mortgage or lending business only has one thing on their mind, the results can be disasterous for the borrower. There are laws popping up all over the country regulating title loans and payday loans, so why are there not more laws regulating the mortgage industry, designed to protect the consumer? Well, most states have laws, although they could be more defined, and more closely monitored. Some states have no regulatory laws on the industry, and fraud is rising at an alarming rate. But paycheck "boosting" doesn't seem to fit very tightly into the current laws.So how can you protect yourself as a consumer? Education.

Knowledge is power - we've all heard it, but believe it. The more you know about a subject (and are confident about that knowledge) the less likely you are to be dooped. If you were receiving advice from your doctor that you didn't believe or agree with, you may opt for a second opinion - it may be best to also get a second opinion about your mortgage options. Don't believe everything that your loan officer tells you, check it out for yourself - it could save you thousands, or even save your home. The moral of the story? Just don't put all of your marbles into one jar because if it breaks, you may end up loosing your marbles!