Can President Obama Fix the Mortgage Industry? We May Soon Know

NOV 30, 2012 12:33pm ET

As I’ve mentioned in the past, mortgage bankers (the ones that read National Mortgage News at least) tend to vote Republican though there are exceptions to the rule. I base that on both interviews I’ve conducted and email correspondence. But there is also a growing anger in certain sectors of the mortgage business – particularly among smaller nonbank players – toward all politicians. And yes, certain factions of the industry aren’t crazy about the GOP either because they seem to favor big banks and think consolidation is a good idea. Anyway, Obama won the election and that means a slew of new mortgage regulations – QM, QRM, LO compensation and servicing standards – will get finalized and hashed out in the months ahead. And as mortgage professionals see the new rules --  and digest them -- they will ask three basic questions (at least): how much is this going to cost me? Can I stay in business? And how can I compete against the guy across the street?