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Borrowers placed in loans for higher commissions
loanman | April 10, 2007 at 09:15 amby
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As the mortgage boom slowed in 2005 many brokers scrambled to fill their pipelines as the rate of new applications fell. Many of these brokers were putting borrowers that could qualify for prime rate products into a subprime category for the higher yield spread premium paid on the back end by the lender as a rebate.