We just wanted to refinance our Seattle home & take a little equity out to help out on some home improvement projects and the mortgage broker put us with New Century Mortgage. The rate was higher than what we thought it should be & I guess I was not paying attention. I contacted Americaswatchdog to have them look at the paperwork and I about blew a gasket. The broker lied to us about the rate (too high) and as it turned he got a kick back called a "yield spread premium" of $7650 for doing this.
And now we learn that New Century is even giving brokers an extra bonus to do their loans. Could anyone write about this or even a broker tell us about New Century. I know the people at Americaswatchdog are going after them and we want to get an attorney to look into this for us. But we think this is nationwide & not just limited to Seattle as the company is one of this countrys largest sub-prime mortgage lenders. We just found out about this sub prime term too.
It will be great to see what you say
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