Washington State Mortgages, Made Clear. Buying or Refinancing? Let's find the right loan together.
The other day, while on Facebook, I came across a stat that my friend and real estate educator, Jillayne Schlicke had posted in response which surprised me. Her comment was in response to an article she had shared on Zillow acquiring a mortgage company that has licenses in all 50 states.
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?
The SAFE Act was enacted in July 2008 to help create a national standard for residential mortgage originators. This is a fantastic idea EXCEPT that if a mortgage originator works for a depository bank, like Bank of America, Chase, Citi or Wells Fargo (just to name a few) they are excluded from licensing. Mortgage originators working for a bank will only have to be registered…and yes, there is a difference.
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