Education - For everyone
Everyone needs to be aware of all the products being offered in the marketplace. By having depth of the marketplace you can better advice your clients on the positives and negatives of the particular financial vehicle they are considering.
This would cause a lot of people to have to be forceful and to have a well thought out reason why the particular mortgage does not fit there overall short and long term goals.
How many people would be thanking you right now had they been talked out of there present loan.
It's not that I'm advocating a fixed rate loan for everyone; what I'm saying is there re a lot of variables that should be considered before placing them in any particular loan. The consumer should be aware of all the features benefits, negatives, indexes, escrows and how they are calculated, prepay, etc.
Reign Yourself in - Or the government will do it for You
We have already seen this happening over the last three to four months. Many more restrictions on the products: virtual elimination of stated income, attempts to outlaw YSP, Extra disclosures, E&O Insurance for all LO's, Bonds for all LO's, and that's just what we know about so far.
Comments(3)