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New rules raising the cost of mortgages

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Mortgage Professional America | 18 Nov 2015, 06:15 AM Agree 0
Lenders and brokers say just about everything is taking longer, and the costs to home buyers are moving up
  • Tarheel | | 18 Nov 2015, 11:51 AM Agree 0
    In NC, attorney fees have almost doubled and appraisal fees have increased, is this not happening anywhere else?
  • Watching out for the consumer | | 18 Nov 2015, 12:19 PM Agree 0
    CFPB and all the other agencies involved in providing safe guards to the consumer has cost the borrower more harm than good so far with the added cost to get a home mortgage and confusion to obtain a home mortgage. The so called experts didn’t really think about cost to the consumer but only how to fine the good lenders who have been doing really good jobs in providing professional services. Not just saying bad about theses agency because there are good things they have done, my thoughts should of gone towards the bad lenders and put them out of business using a 3 strike rule, NMLS number gone. The consumer wins by lower cost to obtain a home mortgage and the bad lenders go away. Do we really need all these agencies just to get a home mortgage? I guess simple gets thrown out the door!
  • SBLender | | 18 Nov 2015, 12:20 PM Agree 0
    And this is a surprise to whom???
  • Ed | | 18 Nov 2015, 12:58 PM Agree 0
    Consumers are paying almost double the amount they use to pay for Appraisal, because of the management companies that are like middle man getting cut also.

    Appraisers are making the same amount however clients pay higher cost for the same report and it takes longer to compete a report because of the so called management companies.

    Average appraiser before the consumer protection rules 3 years ago was from $300 to $350 now they are from $450 to $550. Who ends up paying the extra cost the CONSUMER to whom the regulation was put to benefit.

    Dont even want to comment on the new TRID rules and the timing delays of doing things. Consumers have 30 day escrows however just regular disclosure timelines without any underwriting, appraisal etc. takes more then a week and that is if client utilize email.

    Good luck to consumers who do not use internet and emails. Almost 2 weeks wasted on disclosure timelines.
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