There's a bill up in congress right now that states all people who write loans have to hold a 10% interest in the loan. Meaning if the loan goes belly up, I"m responsibly for 10% of it. Now how is this going to work?
I for one on average make 3k per loan and am worth every penny of that, 1,500 on smaller loans under 200k. So basically my income of 1,500 dollars can be whipped out if a borrower defrauds me and can't make the mortgage payment? So one defaulted loan could cost me 200k and I only made 1,500 on it, WHY would I stay in business if this goes through..
Oh and the money I make is really worth it cause I'm an experienced person who will package a loan, get it done and get you a cheaper rate then a bank branch would. They say it's to curb the fraud that Loan Officers are responsible for.
I for one on average make 3k per loan and am worth every penny of that, 1,500 on smaller loans under 200k. So basically my income of 1,500 dollars can be whipped out if a borrower defrauds me and can't make the mortgage payment? So one defaulted loan could cost me 200k and I only made 1,500 on it, WHY would I stay in business if this goes through..
Oh and the money I make is really worth it cause I'm an experienced person who will package a loan, get it done and get you a cheaper rate then a bank branch would. They say it's to curb the fraud that Loan Officers are responsible for.