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Changing times in Real Estate & Mortgages business

By
Mortgage and Lending with Joyce S. Drakeley Real Estate & Cabrillo Mortgage REB#0750714, NMLS#336022

It seems like the winds of change are upon us - on the good side of the wind...market activity from what we see in southern New England has picked up a bit, and prices are starting to level out. With the Mortgage Industry being turned upside down on its head back in 2010, we have seen a huge decrease in the number of licensed mortgage originators in our state go from over 33,000 to one/tenth of those numbers. One of the big "misnomers" is the tightening of lending standards - dealing with all types of lending - it just appears as they corrected things - all though Dodd/Frank and the Qualified Mortgage rule suggest we require 20% down, the government has allowed and grandfathered in USDA 100%, and FHA with as little as 3% down, and as well the VA for veterans. More lenders are becoming extremely efficient and moving over to user friendly systems on wholesale level, making it even easier to complete and fund your loan. And rest assured, every year from now on out - every licensed mortgage originator is required to have yearly FBI & credit background checks, education, and continual compliance with the newly formed CFPB.

Now with all that said - we have seen that Realtors are also having increased demand to continuing Education practices. No with all this said - what are the winds of change bringing :??

I have heard some whispers that the Realtors would be next? 

It does not surprise me that most would like to blame the real estate industry for this recent bad few years - but in fact we were not pre-qualifying them, nor were we privledge to any financial information besides one general piece of paper. But one question I will ask - who was explaining all this to all these new home buyers?? Most of the time the client just wants to know how much, and if something is out of reach, they will try and reach. 

Also being licensed in southern California with the San Diego Association of Realtors, I've seen & witnessed the market fall and start to rise much in the same way it has in the Northeast. Just a few months prior though. In CA, with the DRE, Realtors or Broker have also worked as Mortgage Professionals. And now with the NMLS, all are registered & tested. TPO's - Third Party Originators - buying rates at wholesale price - this is not your retail bank. or large. Some community banks are having there top loan officers comply with NMLS, but they are not required to yet....Some say this will put your retail or local community bank out of the market when it comes to pricing and being fully licensed by the NMLS. Currently they only need to be registered. I would like to think that you value your financing future with someone who is regularly checked on a number of fronts and can also provide you with lowest costs and rates in the market.

To apply for a mortgage or refinance simply click on this link Cabrillo Mortgage.

Thanks for reading ! RD.