Hi consumers,

Here's an excerpt from a new Broker Origination agreement with a large national lender. Bear in mind that a breech of this may/would be cause for a Mortgage Broker to repurchase the loan:

"section4.11 Existence of Other Conditions.Broker has no knowledge nor any reason to know any of the following:(a) detrimental conditions which could reasonably be expected to adversely affect the market value of the Mortgaged Property including, but not limited to, expansive soils,underground mines or storage tanks, soil subsidence, landfills, superfund sites, special study zones or other conditions; (b)....."

This agreement is 34 pages long and from a Lender with which I have been doing loans with for at least 8 years. Ridiculous does not even begin to describe how far the pendulum has swung. I have had 0, zip, nada, no issues on any loans that have been funded by this Lender. And yet, I'm subject to egregous conditions if I want to maintain an approved status.

Hmmm...what did Bernanke say today regarding that Lending standards at most Banks/Lenders?  Banks want to keep cash or invest in Treasuries.  This is not the intent of the billions of dollars that we as taxpayers have been committed.  I'm pissed, you should be too.

you mean, mortgage brokers do not have expansive knowledge and are not certified Geologist???  wow, I guess only Realtors have that expansive background to know about underground mines...