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Borrowers who get their home mortgages through a broker will likely be paying less under a new Federal Reserve rule that goes into effect in April.
OK I realize that regulations are necessary, but this seem to stink a bit. I believe this will do more to hurt the industry, not help it. Read the article and see if you agree.
For the full story: http://www.nytimes.com/2011/02/20/realestate/20mort.html
This regulation is for residential loan products, correct?
Is it clear if this applies to commercial mortgage products too?
It is not clear in the article. Can anyone clear this up?
This is how bad it is.... Check this out. http://www.thinkbigworksmall.com/mypage/archive/1/58518
Ronald for more info check out the other forum post on CREPIG. This may answer your question.
Here is dome great info on the Loan Originator Rule.