Tag: Lying

How To Tell When Your Borrower is Not Truthful

Borrower Management and Lying

If we got a dollar every time we heard a less than truthful explanation from a borrower describing terms and pricing obtained from a competing bank we wouldn’t have to work.  We have heard hundreds of borrowers tell us that they obtained fixed-rate loans at X% interest for ten years, only to find that the LOI expressly indicated a five-year reprice or a 5-1 ARM.  Of course, not all deceiving comments we hear are flat out lies - borrowers relay less than the full facts and are often not motivated to inquire about the details.  Borrowers are moti

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