JAN 3, 2013
Compliance Matters

Words to the Wise About CFPB

Comments (6)
If in sales, you have to make money, if working for a broker, you have to make enough for them and you, as long as there is a yield spread, customers will get the short end of the stick. If your secondary market needs to make money, LO's will never get FNMA/FHLMC true pricing.
Posted by jomama | Friday, January 04 2013 at 2:24PM ET
jomama, What are you saying? It does not matter if you work for a broker or a bank there is YSP in a sense. The bank prices their loans with their intended yield and then turn around and sell the loan making more money on it that is not disclosed to the consumer. Brokers on the other hand disclose ALL the money they earn to consumers. Brokers disclose way more info than banks to consumers, which confuses them more. I'm not sure if you are saying consumers get the short end of the stick working with brokers, but you could not be more wrong if that is the case. I am a broker and I beat bank rates all the time and provide superior service as well.
Posted by D | Monday, January 07 2013 at 1:04PM ET
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