I'm starting to hear plenty of complaints about the SAFE Act and how it treats residential loan officers for banks quite differently than LOs working for nonbanks licensed by the states. As one trade group official told me: "We're looking at this and wondering how the heck did it get passed?" More on this story shortly. Meanwhile, the yield on the 10-year Treasury bond continues to fall. At press time it was 3.56% but our Wall Street editor Bonnie Sinnock informs me that although the Treasury yield is dropping, not necessarily so for MBS rates. Stay tuned...
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