It’s called “upselling” – steering home-mortgage applicants into higher-cost terms that increase the lender’s profits – and it was rampant during the housing boom years. It worked like this: Rather than putting borrowers into loans at the lowest rates and fees for which they were qualified, loan officers convinced them to sign up for more expensive ones. Loan officers who successfully squeezed more juice, or profit, out of their applicants got extra pay for doing so.
Prices for single-family homes climbed in 87 percent of U.S. cities in the second quarter as the national housing recovery accelerated amid competition for a limited number of properties on the market.
Rhode Island had the seventh-highest rate of foreclosure and loan delinquency in the nation in June even as the rate declined from June 2012, according the Mortgage Monitor report released Monday by Lender Processing Services.
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