The mortgage industry has gotten very good at ripping people off. Between excessive fees and inflated interest rates, the average homebuyer overpays by $3,500 at closing. The kicker? Most don’t even realize it’s happening.
So how do lenders get away it? How do they keep selling bad deals to smart people? Loan officers know. And they’re speaking out.
In our new series, Loan Officer Confessions, we uncover the deceptive practices that usually don’t get talked about outside of the industry. From bait-and-switch pricing in a loan estimate to lenders who aren’t incentivized to act in your best interest, these are the tricks of the trade, told by the people who’ve seen them firsthand.
Take Jamar, who shares how real estate agents often pressure buyers into using their in-house lenders.
Or Michael, who breaks down how loan estimates are packed with irrelevant information that’s designed to confuse, not clarify.
We built TrueRate to give homebuyers power in the conversation with a lender. When you know your “true rate”—the rate you should get, when you’re talking to a lender—it changes the game completely.
If you work in the industry and are tired of the deception: talk about it. At Tomo Mortgage we’re building a work environment where loan officers can do right by homebuyers, earn trust and still win.
If that sounds like you, we’re hiring and would love to hear your story.
If you’re ready to start your journey to homeownership, get pre approved with Tomo Mortgage today.