Saving the Mortgage Broker? HR 3915 Mortgage Reform

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Services for Real Estate Pros with none
Please read today's post at MortgageBlog.com to see how a mortgage contract may save the mortgage broker's ability to make loans as HR 3915 Mortgage Reform and Anti-Predatory Lending Act of 2007 rolls on.
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mortgage broker
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Rainer
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Don Draughn - Mortgage Professional
High Point, NC
I can see the benefit of this but the one concern I have is for states like NY that have tight high cost laws.  If fees are limited to 5% of the loan amount or less, as in NY, a flat fee mortgage could still make it hard for brokers to do business.
Jan 21, 2008 04:00 AM #1
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Rainer
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AJ Martin

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