Well, it’s official…
The Federal Reserve is taking more control over the mortgage industry. …On April 1st they are implementing changes that will result in limiting the income loan officers can make on a loan.
According to my calculations the changes will result in about a 30% income drop from loan officers in our office.
The end result of this is unknown.
These changes should lower the closing costs for borrowers. However, it will most likely drive up rates for borrowers as well.
These changes will also drive good loan officers out of the mortgage industry.
I’ll continue to report the impact of these changes as I see them develop.
I hope you had a good day. Thanks for reading this email!
Brett