I am an employee of Centex Home Equity in Denver, CO. Currently seeking a new company that has at least some ethical standards. The company hires mostly young kids out of college or older people with no mortgage experience or knowledge; the reason they do this is because of the deceptive lending practices they teach and predatory lending that they use against unknowing or uneducated borrowers seeking a loan.
I had worked at several mortgage companies and have never seen anything like it. The company makes a common practice out of trying to sell subprime loans to individuals with perfect credit. The company charges 5 points on the front of every loan and usually 5 points built in to the back of the loan with the astronomically high interest rates.
If you choose to do a loan with Centex you will, without a doubt, be given the highest interest rate and points of any lender in the business. The company also makes a common practice of using 5 year prepay penalties if your state allows it. Meanwhile they sell you a loan only fixed for 6 months or 2 years. They tell you that once your credit is improved they will waive the prepay penalty and give you a new loan: Wrong, they won't and illegal.
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