Daily Observations - Scams?

It seems as though all the mortgage brokers that rode the wave of the 2000's are now leaving or have left the industry. They are now experts in Reverse Mortgages, Credit Repair, Debt consolidation or professing a new alternative to bank financing.

Let me start off and say that not all of the brokers who are professing their expertise are experts in their new chosen profession. However, I do know many a broker who has left the industry and has been extremely trained for their new calling and this blog is not about them, its about the inscrutable personage we keep running into.

Everyone now has a new alternative to bank financing whether its through the use of bonds, standby Letters of Credit, Leveraging of stock portfolios, trade programs, or even network marketing of loan proceeds. They all sound like they are the answer to every one's wish for credit in the commercial markets. Oh I forgot offshore accounts as well and 100% equity partnerships.

I'm here to tell you don't lose sight of commonsense, if the deal seems too good to be true it is most likely not real. And the sad thing is that many brokers, honest brokers are being wooed to turn over their book of clients to these "Deal Makers". So before you leap into anything that seems way to good, do your due diligence, Protect your clients at all costs.

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