Stratagem Construction – 2 things you need to know about the new financial regulations and mortgages

2 things you need to know about the new financial regulations and mortgages

1. National registry – Starting May 20th 2011 all loan originators, regardless if they work for a federally chartered bank, community bank or with a mortgage broker have to be registered with the Federal Mortgage Loan Originator Registry. When you shop for a mortgage make sure the loan officer you talk to can present you with that registry ID.

2. Compensation – Starting April 1st 2011 all loan originators can no longer get compensated based on the interest rate they give you, i.e. they can’t buy up the rate to make more money on your deal. Please make sure you shop with at least three lenders to make sure you get a correct interest rate quote reflecting MARKET RATES for that specific day.

Orin Orkin is a regular contributor. He works for Wells Fargo bank. For more information contact Orin at orin.orkin@wellsfargo.com

Posted on Tue, April 19, 2011 by Orin Orkin filed under

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