New government regulations hurt the very customer these rules were put in place to help. Government loans and first-time homebuyer/investment loans of $125,000 or less regularly require more time and effort to close than do traditional conventional loans of greater value.
Add to that a foreclosure or short sale purchase from a bank or government agency and the additional workload can easily grow to four times that of a traditional conventional purchase loan. The regulations allow lenders and banks to charge the customer a premium on these loans, while restricting and capping the commission a broker can make on these loans. Many wholesale brokers have ceased closing these types of loans.
Though unable to close all of these quoted, the David M. Damaré Team analyzes each and every loan regardless of type and amount on a case-by-case basis. Pulling credit and submitting all loans to Fannie Mae and/or Freddie Mac for automated underwriting cost us up to $100 per transaction. It does, however, confirm for the borrower that we can close their loan and well before they are required to spend as much as $1000 on inspections and appraisals.
“Mortgage Lending is Our Business: Customer Service is Our Passion.”
Stay tuned and stay in touch with your mortgage professional. Thank you for the opportunity to serve you. David. 919.851.0999.
Raleigh Mortgage Man, NC Mortgage Man, Triangle Mortgage Man, Triangle Mortgage Expert all owned and licensed by David M. Damare’. All rights reserved.Tags: homebuyer loans, mortgage lending, mortgage loans, mortgage regulations