Banks verses the Mortgage Broker

Well I saw it coming with the S.A.FE ACT written to eliminate a large group of mortgage brokers. Now Bank of America, one of the 3rd largest wholesale lending banks, is going retail ONLY, yes. Heard it on Street Signs this morning. The next thing I see coming further into the future is B of A  internal processing   system collapse.

They will not be able to replace brokers with salary loan officers. If you think it takes a long time to get a loan processed now, just wait and see.

The secondary market couldn't underwrite private sector loans stolen in greed.

The banks without brokers will cave also.

Wait and see.  Anyone want to start a "Peoples" Bank. I'll handle the hard money and someone who can think and make sensible decisions can do the other loans.:)

Fed's just upped the FHA Fico  score minimum. Fico usually false- robot decision maker.

   Hang in There