The last 2-3 weeks has been crazy in the mortgage industry. Not with the usual type stuff but with preparing for a change in the law of how mortgage companies quote interest rates and how mortgage loan officers get paid. That's right now the government is regulating how you get your interest rate and how we get paid. Hmmm is that considered Socialism?
Bottom line is that lenders have been busy trying to calculate if the actual ruling would take affect and how to put it in play and on April 6 it was in play.
This is one of the things that I had mentioned would lead to higher borrowing costs for borrowers because of what lenders needed to do to now safeguard themselves. Rates are still awesome so it is not as big a deal now but as rates creep up....it will matter.
One exciting thing is that I published my first editorial for an online newspaper on mortgages. Looks like I am going to be doing this periodically and am excited for the opportunity.
Right now the big thing is that we are starting to enter our Spring market and with rates where they are at and home prices where they are at....why aren't you out buying a house?
I realize that if you are a move up borrower equity may be an issue but if you are a first time buyer.....get out there.
Keeping it simple this week as I get back to this...Have a good weekend!
