Loan Officer Scams and Slimy Practices You Need To Know - Mortgage Monday

In today's episode, we’re pulling back the curtain on a topic that will ruffle some feathers—especially in the mortgage industry. Loan officers might not be thrilled, but we’re here to arm YOU with the knowledge you need to avoid getting caught in one of the mortgage industry's most frustrating traps: trigger leads.

We’ll break down how credit bureaus are cashing in on your personal information, selling it to desperate lenders the moment you apply for a mortgage. Yep, it’s real, and it happens more often than you think.

In this eye-opening episode, Christian shares what happens behind the scenes in the lending world, how trigger leads work, and how these bottom-feeder lenders are trying to steal your business after you’ve already done all the hard work of finding a reputable lender. Plus, we’ll dive into real-life examples of shady tactics and offer some advice on how to protect yourself.

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00:00 Welcome
02:41 Trigger Leads
13:57 Selling Snake Oil
19:40 Hidden Fees
39:46 Questions To Ask Your Loan Officer

[YourHomeGirlKat]

As a new loan officer this episode was priceless!! I feel so empowered to know how to fight for my business against these other LO’s and look out for my borrowers best interests. THANK YOU!!

[antareschen]

Thanks for exposing those scam lenders. They should be in the public hall of shame list.

[Andys_Auto]

Thanks for this REAL mortgage knowledge. One of my favorite David Greene show segments.

[MovingtoDesMoinesIA]

I love how transparent this episode is!! Thank you David and Christian!

[kellyrachel]

These loan videos are probably the most helpful things I've EVER learned on YouTube to protect my clients. Without these, and without becoming an LO myself, I would've never known! Thanks!

[Antonellasiciliana]

Last thing, as an agent, I do not spend a single dime on these online leads because it was time-consuming and only a 13% conversion rate however I am grateful you explained the lender version of this because it helps me advocate for the lenders I do like to work with and caution my clients on these leach like lenders and the truth behind their marketing schemes.

[workplan]

Damn, what an excellent episode David. I would even be willing to pay for your channel as long as you continue to put out such good info

[oe]

Canceled my bigger pockets sub…. All in on David Greene
would still love to see Rob back with you tho

[Seabuscuit]

Can I say that the example given is Rocket Mortgage. You may not want to, but perhaps I can. I recognize the statement. I lived all the nightmares you mentioned and more.

They said they could do 1031 exchanges and then tried to back out at the 11th hour.

Also, mortgage lenders make about $500 on the appraisal. No option to use your own appraiser (& pay 1/3 the cost).

[NigelAutryRE]

Really glad you guys made this video! I’m 25 and going to buy my first property soon in 2025 and this video has been super useful !

[TheMunkinutz]

Great content and advice per usual. Keep us the great work!!

[ricardon]

These type of videos let us know you’re really on our side and you really gain our trust. I’m in the Bay Area and will be calling you for my next property. Thank you.

[sirreddknows]

Makes sense. Love the explanation. Continue with integrity.

[Specialagentbryan]

oh my god! thank you so much for doing this topic!!! I always feel I'm getting screwed with all these fees!!!

[jochellefortune]

G can change depending on the Lender cause there are specific cases where they would require an additional month relative to other lenders.

[jackjohnson]

12:05 hey Dave you almost said the other phrase 😂

[Thrivinglife]

Thank you for keeping it real! 😊 I’ve learned a lot. Keep it going.

[CALIRedHood]

Great video with great free useful info

[antareschen]

The credit bureau should freakifn stop selling info. After credit pull, it’s like all the flies are on top of the 💩

[ryanraines]

Can we get a mythbuster short or something next Monday. Confirming or busting the if you pay your mortgage twice a month instead of just once a month. Still only paying minimum payment EOM. Some people think if you pay half payment towards principal mid month it saves on the compounding interest?