We are also having our open house next week. contact me.
National Residential Mortgage Center
8720 S 114th St.
My name is Stacy Thorne. I am with Franklin American Mortgage Company. I have been financing homes in the metro area for 24 years and have been blessed to have great relationships with many of your Deeb collegues. I would love to visit with you more. We are more than prepared for the QM rules!
Can I call you to set a time to come to your office?
What this means is that if they are brokering these loans, the brokers will be limited in their ability to pay compensation, otherwise the cost of the loan may exceed the 3% ceiling put in place by QM. Probably won't affect larger loans, but smaller ones will definitely suffer.
Uncertain times for the small shops out there. Glad I'm on the other side of the fence
Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 | Fax (248) 595-7130 | Direct (248) 728-0078
Anything that is sold to Freddie, Fannie, and Ginnie should stay business as usual they are exempt from QM (at least for the next seven years). That is unless lenders add overlays. The loans that will be affected are non conforming loans portfolio loans etc. Most of them were already at 43% DTI anyway.