What's New in the Mortgage Industry

New Years Eve

December 30th, 2009 12:07 PM by Susan Larson

I would like to start by wishing everyone a Happy New Year's.  I am looking forward to a few days off.  I know that 2009 was a tough year for many people.  I hope that 2010 is better for everyone. 

There is a lot of change coming up in the mortgage industry.  There seems to be never ending changes in our business lately.   Loan officers must now be registered on a National Database.  I think that it is very unfair that they do not make Bank loan officers follow the same procedures.  But I believe it sets us apart from the banks now.  We are held to a higher standard. 

There is also going to be a new good faith estimate for the borrowers, which is four pages long. They did this so that the consumer will not be confused. Unfortunately, I think they are going backwards.  I believe that this will confuse the customers, but with a good explanation of the form, they should understand it.

Again, I wish all of you a safe and Happy New Year and hope you enjoy.  Call us for any of your mortgage needs.

Posted in:General
Posted by Susan Larson on December 30th, 2009 12:07 PM

Community Mortgage & Processing Corp.

312 W. Green Meadows Blvd.
Streamwood, IL 60107