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More and more Americans are applying for a mortgage and it is about to get easy with just a two page "shopping sheet" from lenders under a proposal from the Consumer Financial Protection Bureau.  Now, this is my first blog on this site and I am hopeful that I do not offend anyone here as I speak the truth.  I have posted on lender 411 and have many followers.  Just a warning, so there is just going to be two basic questions:

1.  Can I afford this mortgage

2.  Can I get a better deal somewhere else?

So do we not already have trouble getting an application let a lone information such as social security numbers, birth dates and wait let me see a driver's license number?  I don't know about other lenders but if you take an application and you have gone through the trouble in submitting your file to underwriting and all of the sudden the applicant is calling you about another program that they heard about or someone is offering three dollars less on closings costs and you have to beg them to stay with you.  Where is the loyalty here? 

We have already implemented so much that it is costing us millions; the only thing this will do is be costly in implementing the program and could lead to limits on innovation and variety in lending, a reasonable exchange would be an explicit safeguard against such lawsuits.  I think we just need to keep it the way it is and hope that the lender has some knowledge in knowing if the borrower is able to afford a home and create a deal that the consumer feels comfortable.   It is not about finding the best deal, it is about how you handle that transaction with that realtor and close the deal.

Back to the basics and get those calculators out.

Sincerely,

Geofrey Merino

Flagstar Bank

Senior Loan Officer

8787 E Pinnacle Peak Rd Suite 125

Scottdsdale, AZ 85255

888-760-8383 ext 230

geofrey.merino@flagstar.com

www.flagstarloans.com/gmerino