My Opinion - and that is what we all have; we all look at the world from our own point of view.
Before the crash I wrote an $8,500,000 cash out refinance loan. The CPA who helped his clients had 'bird dogs' out to every bank within 50 miles to find the best loan for this client. I did the loan.time I
Before the crash I could look every borrower in the eye and confidentially state that "I can meet or beat the best program any bank will offer you"
Before the crash I could finish a refinance in two weeks.
Before the crash I would educate borrowers that they had to qualify for each loan box: Credit box, debt to income box, equity box, and the rules box.
Today there is anew box I have to deal with and that is the pricing box.
Every day one of the wholesale banks I sell loans to will call and ask "why has business from you slowed? I tell them and they change the subject. The Consumer banks had a big hand in writing the Dodd- Frank rules. One of the first things I noticed as a mortgage broker was that my pricing was not competitive to the bank in the Jumbo loan area. So, I started to focus on the conforming and 'agency conforming' programs. Recently in the Bay Area loans have slowed everywhere. And some major banks dropped their pricing in the conforming and 'agency' conforming areas to 'buy the market'. The banks I deal with, and, there are many, have not stepped up to meet the competition.
Our mortgage company owns a real estate company and I started making a shift to do more real estate sales several years ago. That, along with the FHA, VA, and other special product programs have saved me from financial ruin.
I keep hearing that Dodd - Frank will be fading away. I hope so. I always really had a lot of fun helping clients and knowing that I could compete with all the banks and feel comfortable that my clients were getting the best loan on the market.
All things pass and I hope to become competitive again with regard to pricing in every residential mortgage loan category. I will not miss Dodd Frank.
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