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| Predatory Lending | Though it can come in many different forms, predatory lending refers to a broker charging more than the state allows, or adding unnecessary charges. Some of the signs of predatory lending include: Typical signs of a predatory lender include: Lack of disclosures to the borrower prior to closing. No legal representation at closing for the borrower where the LO closes the loan. The same borrower being reclosed into another sub-prime loan with maxed out fees in short periods of time (12 months or less) |
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Additional comments : Here is a link to an example of Predatory Lending, and there is also a discussion about Predatory Lending |
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