Qualified Mortgage


Dodd Frank implemented 13,789 pages of rules –regulated by more than nine agencies…

More change is down the road. Wall Street still controls the mortgage market. The individual taxpayer receives no benefits from Wall Street. Dodd Frank is going to roll out more rules.

The big banks: J P Morgan Chase, Wells Fargo and Bank of America have gotten larger in the past five years. Big banks close small numbers of home loans. Rich bankers aren't out to offer help to consumers. Banks will move further away from the mortgage business as they are forced to buy back bad loans and keep up with regulations.

The big banks charge the largest fees for a bounced check, some are instigating flat annual fees for your account and the highest student loan rates in centuries…

Don't get me started on the student loan industry -- it is a mess.

If you believe Senior bank executives will pass on savings to the small consumer, dream again. Institutional banks will get in compliance with all the reforms and new regulations but Americans will pay for it.

Dodd Frank regulation makes it more costly to run a bank business. The little guys are getting squeezed out. The independent local bank that offered a smorgasbord of financial products will struggle to keep up with all the Federal and State regulations. They will be bought out or closed.

I can name forty things that Dodd Frank made worse for consumers.

1.     Qualified Mortgage for the consumer means:

     IF you are self employed the little wiggle room at the high debt to income ratio loan is gone, the loan calculated on your twelve month’s deposits also gone and niche mortgage is going away. This is being debated as you read this and implemented January 2014.
    IF a lender doesn't have enough money to buy back failed loans, they will be shut down.

Don't be looking in your mailbox for a check ...
Caroline Gerardo
Mortgage Banker NMLS # 324982
(949) 637-8190 cell



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