AUG 30, 2012

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What We're Hearing

A Boom Coming for Specialized Mortgage Vendors?

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A lawyer friend of mine once told me that if Americans were smart they wouldn’t get out of bed in the morning without first consulting with their attorney. Of course, this smacks of self-preservation. And this friend -- a mortgage attorney to boot -- has a license to practice law in the legal capital of America: New York State. Where am I going with this? Answer: as federal and state regulators continue to heap more regulations on lenders and servicers, it stands to reason that these companies will require the special services of all sorts of vendors (regulatory, legal, and so on) to navigate the treacherous mortgage waters that now exist in this country. Already, I know of a few firms that, for a fee, will help you obtain your Ginnie Mae eagle. And then there’s mortgage compliance. Who says excessive regulation doesn't create jobs? 

Comments (2)
You are right. SLS is hiring 130 more people in the next few months.
Posted by Jack Bergey | Tuesday, September 11 2012 at 11:40PM ET
It would have been easier and safer to simply reinstate Glass Steigle or to require that loan originators retain some 10-15% of every loan. Self interest always weighs out!
Posted by Jan | Wednesday, October 17 2012 at 2:43PM ET
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