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I am a victim of a predatory mortgage broker and a predatory mortgage lender. The mortgage broker claimed to be the lender.
The lender presented himself to me as the Servicer of the loan, when the lender was in fact the lender and the servicer of the loan. I end up paying the broker 2times, because the lender paid the broker his commission out of my loan, and the broker make me pay a second time thru a fictious escrow to justify the expenses.
The lender charged me high interest rate, abusive prepayment penalty, buy down point and I end up with loosing my 2home. do i have any recourse?

1 Thought on is it legal for a mortgage broker to be the lender at the same time?
  1. Reply
    Buddy P
    May 4, 2011 at 2:00 am

    If you feel u were a victim of predatory Lending check with your State that regulates MB & Lenders. & tell them your story. You should be vigilant about filing a complaint, there are too many people in this world who want to make money at other peoples expense.

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