Mortgage brokers, mortgage agents, and mortgage lending

Colorado has been number one in the nation for the past six months for the number of foreclosures. This was due partly to mortgage brokers not being regulated. As of July 1, 2006, a new law became effective that requires mortgage brokers to register with the state.  Will this solve all the problems? Probably not. Even as recent as a couple of weeks ago, I remember getting several letters in the mail regarding refinancing my current mortgage. It has always been interesting to me that these letters came from companies that I had not even heard of and they were here in the state. I have lived here for quite a while and from my standpoint, you usually hear about the well known companies all the town. However, there are time when you cannot find out about “fake companies” because people are embarrassed to admit they were taken advantage of. I have looked at some of these letters and the terms being presented are unrealistic. That does not warrant my calling them. It does give them an automatic pitch to the trash receptacle. If you find yourself getting a lot of these letters in the mail, either your name has been sold off or you have great credit and they pretend they are going to help you. Do your research before you refinance your mortgage.