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Brokers beat banks on tough loans, association claims

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Mortgage Professional America | 23 Jul 2013, 09:00 AM Agree 0
An industry association has argued against the disproportionate impact of the 3% cap on brokers, saying brokers fulfill the function of doing mortgages banks can't
  • janet | | 23 Jul 2013, 10:41 AM Agree 0
    the way the laws are now impacting mortgages under $100,000 means that the lower income people will not be able to find a mortgage. With the 3% cap, no one can do them because they fall into predatory lending!
  • Griff | | 23 Jul 2013, 11:18 AM Agree 0
    Janet is very correct. Particularly those with low credit scores. The LLPA's make it impossible.
  • Andrea | | 23 Jul 2013, 11:41 AM Agree 0
    Ironic, the Deputy Director started his own company, what does that tell us?
  • Mary | | 23 Jul 2013, 11:50 AM Agree 0
    Mr. Bettencourt is right on. Brokers take on more complex mortgages. Our wholesale team of Acct Executives, seasoned processors & Underwriters & closers are exceptionally sharp. Retail banks can't compete here. The Regulatory agencies are not well informed as to the service brokers provide for the benefit of the public. The broker has been the scape goat for so many in this industry, that they don't hear us.
  • Mary | | 23 Jul 2013, 11:55 AM Agree 0
    Andrea, I wonder if what the Deputy Director is doing classify as "using inside information" while in public office for personal gain and profit? Will be interesting to follow...
  • Debbie | | 23 Jul 2013, 03:27 PM Agree 0
    Most of my business is bank TD or 1st time homebuyers or referrals. The bank TDs and nubies are often tough.
  • Debbie | | 23 Jul 2013, 03:37 PM Agree 0
    Interesting that the Deputy Director started his own company, a website for subprime lenders to hook up with subprime borrowers. I wonder if the Feds are going to fund this adventure. I smell a rat. Maybe this is the next phase of Dodd Frank....Friend of Angelos?
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