“Big Push for Mortgage Brokers to Become Correspondents”

I continue to get calls each week telling me that I should become a correspondent lender, which means I close loans in my name and not have to disclose my fees.

With Dodd-Frank regulations looming early next year that specifically target mortgage brokers; banks, credit unions, mortgage bankers and correspondent lenders are exempt from disclosing how much money they make on each mortgage.

Can you imagine the fear that so many have when it comes to the mortgage broker community? All banks, credit unions, mortgage bankers and correspondent lenders make the fees that we do, but they are not required to disclose them, probably because they are afraid to, but I have no clue as to why? I wonder if they think the public is totally stupid and does not understand that nothing is free.

Our business model is not going to change, we are going to continue disclosing our fees. I have written many blogs on this topic, the industry does not have a level playing field which is a total disservice to the public.