Washington State Mortgages, Made Clear. Buying or Refinancing? Let's find the right loan together.
A recent report from the Federal Financial Institutions Examination Council revealed that big banks have a very high cancellation rate for home loan applicants.
In 2012, according to this data, Chase declined almost a third of their mortgage applicants with Bank of America denying 25.6% and Wells Fargo rejecting 21% of their mortgage applicants. Quicken Loans and U.S. Bank turned down 17% of their mortgage applicants.
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Following the release of the QM and Ability to Repay rules from CFPB, I decided to try to read through the proposed Loan Originator Compensation rules. I found this pretty interesting. Instead of making additional regulations for Mortgage Originators who work at banks or credit unions, why not just make them subject to the SAFE Act and require them be licensed?
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