At the beginning of this month, the way mortgage brokers can get paid has change: no more yield spread premium. In other words, mortgage brokers can no longer get paid more if the interest rate on your loan is higher.
I have the feeling that overall, this change will be an improvement and that some mortgage brokers will find a way to get paid more some other way.
The honest way would be to say upfront, my fee is $x and have to sell themselves based on their services, number of happy customers.
I spoke to one mortgage broker who's happy about this change. He's just outside Chicago, in Glenview, thinks he's good so anything that makes it harder on others is better for him. And he thinks some people will end up leaving the business. Not he.
Me, as I said, I think the change will be good overall. But I'll expect some to find some other way to make more money.
What do you think?
I have the feeling that overall, this change will be an improvement and that some mortgage brokers will find a way to get paid more some other way.
The honest way would be to say upfront, my fee is $x and have to sell themselves based on their services, number of happy customers.
I spoke to one mortgage broker who's happy about this change. He's just outside Chicago, in Glenview, thinks he's good so anything that makes it harder on others is better for him. And he thinks some people will end up leaving the business. Not he.
Me, as I said, I think the change will be good overall. But I'll expect some to find some other way to make more money.
What do you think?
No comments:
Post a Comment