Almost everyone has heard a horror story about a mortgage broker who has ripped off a client. Unethical behavior like changing a interest rate at close, changing loan terms and changing loan fees can and do happen but not that often. The mortgage policies put in place by many lenders and state laws help reduce any kind of unethical behavior in mortgage brokers and bankers.

Lying and deceiving happen not only by mortgage brokers, but by mortgage bankers, mortgage lenders, auto loan lenders, insurance agents, and pretty much every other industry out there as well. With mortgages being a much larger investment however, this is why you mainly hear about the mortgage guy or the mortgage company that ripped someone off. Deception and lying is not nearly as widespread as the news reports make it out to be, but since there is so much money involved during each mortgage transaction this is why the press likes to have a "field day" with mortgage related news. Therefore, anytime you are dealing with anyone regarding your finances, whether it is a mortgage broker, a mortgage lender, an insurance agent, a financial planner, etc... you should always use caution, pay attention to the details, ask questions and consider going elsewhere is you feel uncomfortable with whom you are working with.

Many unscupulous lenders and brokers offer mortgage rates that don't exist. The more attractive the quote, the more likely it is they are lying....meaning that the lender or broker has no intention of honoring it.

Mortgage Brokers lying has become a growing problem for borrowers, particularly those in hotly contested states such as California, Nevada, Arizona, Florida and New York.

Always ask your mortgage professional for an executed Mortgage Lock Agreement. You can also request a confirmation from them that his/her lock-in has been accepted.