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In speaking with a potential client this week, I was reminded, yet again, how most people take things at face value without considering consequences. This person had initially reached out to me in the summer for a second opinion on a refinance; He told me the rate and fees that he was offered elsewhere and wanted to know if I could beat the terms. Admittedly the rate he was quoted was very good… perhaps a little too good to be true. I was familiar with this scheme – I mean structure – where the broker/lender is affiliated with the loan vendors and receives income from the fees generated for appraisal, title, closing, and the like. Those above-market fees are then used to offset the seemingly “below market” rate. ....