In the movie Amadeus the king said to Mozart, "Too many notes."
 
Even though the mortgage lending field has opened up a lot these past two years there are still "too many rules" and the rules change daily. Fannie Mae, Freddie Mac and FHA are costing tax payers billions of dollars and to me that says Rules do not = good loans or good underwriting.
 
Years ago I used to tell my customers to not use common sense when they tried to figure out the bank underwriting. That was when the rules were so convoluted and confusing. Then we went through several years of completely no rules which was worse for the consumer. Now we are back to too many rules.
 
The rules, the extra paper work, the "protective" devices put in place by legislators have made the loan process complex, confusing, and more costly to the consumer. I am thankful that I have an assistant who has been with me for 22 years and she has the ability to decipher the tangled web.
 
Doug Jones
Mortgage Magic NMLS 286668
 

1 Comments on Mortgage Loans - Too Many Rules

APR
20
2012
100,860 Points 1 Featured Post Outside Blog Attended Rain Camp

Right on Doug... These underwriters have NO idea how many deals I save them from buyers that are ready to throw in the towel and cancel because they are told they are "approved" and then day after day after day after day .... they need yet ANOTHER LOE or statement or some other dumb thing.. Home buying is stressful enough and to have the added frustration of underwriting and rules changing literally daily is enough for lot of people to just throw up their hands and say 'screw it, and the horse you rode in on..'
9:46am • #1


What does the graphic say?
Leave a response…

(optional)
Spam Prevention: