by Administrator
3. March 2011 21:24
Predatory Lending all across the country seems to be a big concern. This concern comes from the Sub Prime lending when it became the American Trend. Predatory lending is the practice of using a borrower’s ignorance against them for profit. It is an assertive practice for some lenders in the sub prime market.
A sub-prime lender is one who lends to borrowers who do not qualify for loans from mainstream lenders. Some are independent, but increasingly they are affiliates of mainstream lenders operating under different names. Borrowers who may apply for a Sub-prime may be someone wit a low credit score. Borrowers are being deceived by making them believe that their credit is not as good as it actually is.
Predatory lending can be identified by deceptive marketing and sales practices, non-disclosure of all terms that relate to the qualification and payback of the loan, and falsifying documentation to gain otherwise unattainable loan approvals, although the actual term is an umbrella to numerous specific scenarios.
See more details by clicking below:
What is Sub- Prime Mortgage Lender?
Subscribe