Palm Beach Real Estate and Loans

Today's post was written by Jason Price of Knightlines Mortgage Services:

"Just when we all thought the noose could not get any tighter, the executioner threw a bucket of water in our faces to make the ropes that much more constricting. Law makers have added a new set of laws to govern mortgage brokers not just in the State of Florida, but across the nation.

Lets start with the issue that will affect lenders to greatest degree. By the end of the year, all loan originators will be required to be licensed by the State of Florida. This means that going to the bank and sitting down with the account executive to apply for you new mortgage loan (whether it be a purchase or refinance) will be a thing of the past.

Now, you are probably going to have to make an appointment with a mortgage specialist that is licensed by the state to come in apply. So much for convenience... And then, add on to the fact that this one person is not only responsible for your mortgage loan application, but everyone else that has applied. In a few days time, this person will be spending more time on the phone dealing with issues then with applications. Yes, there will be a support team behind this person, but those that are used to dealing with the bank are also used to the customer service that they get by dealing with their account executive.

When is this nonsense going to end? Now do not get me wrong, I would love for people to leave their bank to come to us at Knightlines. After all, 9 times out of 10 our rates are better. Our closing costs are comparable. And we can give the attention to detail customer service. But I do not want it because the government is forcing people to have to seek alternate means. Whether it be a direct intention or an indirect one, like this.

If the government is going to interfere, I would rather be for the person that has a 750 credit, 10% debt-to-income ratio, and 20% down payment and cannot get a mortgage loan because of a mortgage late in the past year due to losing his job, which has been replaced with a better, higher paying job. This is what needs to be fixed and looked, not a matter of licensing when they are already under the license of the lender.

And this one change is not even the worst of it. Stay tuned for more updates that have or will go into effect by the end of this year."