Book Review: Refi-Bust: Mortgage Brokers Gone Wild! by David Lawrence

Many mortgage lenders and bankers are upstanding professionals, some though like any business are not. Finding your way to the right one is explained by short-hand in a new book by David Lawrence. Peeling back the facade of an industry in the fore-front of the real estate boom, a no-holds-barred perspective brings to light the growing mortgage refinancing hangover.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 professional in the mortgage industry. Featuring an keen eye for looking at his own peers and seeing through the fancy offices to the dark side of an industry that has run out of steroids and is coming off record years in the origination and refinancing of residential mortgage loans. Laying out the foundation for troubled waters ahead for home owners who didn't complete their due diligence before signing on the line, Lawrence's style makes you think twice about your
own experience. Hopefully you'll read this book before contacting your mortgage loan officer.Chapter titles include: The Crazy Times, A New and Noble Career, The Window, The Esteemed Telemarketing Department, Let Nate Close It, The Blow-Out Appraisal, What Credit Score Do You Want?, The 10-Point Credit Line, Maximizing Your Fees, 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 with Deceptive Advertising!, A Real-Life Financial Free Fall, Hope on the Horizon?In addition to the chapters there is a preface, foreword, introduction, conclusion, afterword, glossary and informative resources for state mortgage divisions and an explanation of The Ohio Mortgage Broker Act. As a residential real estate broker, I found the book alarming, but educational. Though I must say I have met and respect many mortgage professionals, this book does cast a light on the seamier side of th
e business.This book is a solid eight and recommended to home buyers and owners, mortgage editors and educators, and real estate agents and brokers.

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