Are the new mortgage rules good or bad for you the customer?
By Nick Vandekar, 610-203-4543, Selling the Main Line & Chester County
(Realty ONE Group Advocates 484-237-2055)
Prosperity Home Mortgage held a seminar last week and I got an opportunity to interview one of the local managers Bob Frazer about what the new qualified mortgage (QM) and qualified residential mortgage (QRM) will mean for our customers. Most thoughts are that the rules are not that bad and won't adversely affect consumers only affecting about 10% of loans; a big change is the cap on fees of 3% for the mortgage conmpany and any affiliated companies, so if you use mortgage, title and insurance and those companies are all affiliated companies the most you can be charged is 3%, if they are un-affiliated companies each one can charge you up to 3%. Here is the interview, apologies for the sound quality, there is a little background noise from people attending the seminar. If you want help b...
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