Don't Fall for the Mortgage Rip-Offs

"It's like double-dipping," she said in an interview. "There's no purpose for both these fees other than to pad profit."

Warren said she'd recently seen a new fee for documents sent by e-mail. Some companies are charging borrowers for printing loan documents received electronically.

"I've seen fees anywhere from $50 to $150," she said. "In my opinion, that's like a restaurant charging you more for napkins."

I don't think for a moment that, even with more disclosure and scrutiny, the mortgage industry is going to do better by borrowers. Potential home buyers are going to have to be a lot savvier to avoid being taken advantage of. And yes, that means doing research, as simple as that advice sounds.

Whether you are new to the mortgage process or a longtime homeowner, you'll find something in Warren's book that will help you spend less on your next loan.

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To become a member of the Color of Money Book Club, all you have to do is read the recommended book. If you have a question about ways to save on your next mortgage or avoid being ripped off, join me at noon Aug. 28 at http://www.washingtonpost.com for a live discussion with Warren.

In addition, every month I randomly select readers to receive the recommended book, donated by the publisher. For a chance to win a copy of "Mortgage Rip-Offs and Money Savers," send an e-mail to colorofmoney@washpost.com. Please include your name and a mailing address.

· On the air: Michelle Singletary discusses personal finance Tuesdays on NPR's "Day to Day" program and athttp://www.npr.org.

· By mail: Readers can write to her at The Washington Post, 1150 15th St. NW, Washington, D.C. 20071.

· By e-mail:singletarym@washpost.com.

Comments and questions are welcome, but because of the volume of mail, personal responses are not always possible. Please note that comments or questions may be used in a future column, with the writer's name, unless a specific request to do otherwise is indicated.