No Mardi Gras for GA Broker.
Members of the Georgia Association of Mortgage Brokers tell you about South-East the conference Mortgage Broker in New Orleans about their State of origin is predatory lending law.
Brad During recent months, there was a lot of influence on business for Mortgage Brokers in Georgia, Georgia, including the loan Fair Act. Much attention has been on how it acts on B & C loan programs. But there seems to be prejudice FHA / VA-loan programs. What is their impact on activity in Georgia?
BOB: For a small broker point of view, one of the biggest problems is the quality control is here and that the extra time you have to go to ensure that you do not have the right to injure . It is expensive, very expensive. You control away from anything that can lead to what you have a problem or potentially lead to what you’ve got a problem. I just do not want you a loan, I can see everything that we find myself in a situation, because the penalties are so serious in this Act. I would not like the approach. I am in the category of most brokers, I Deal In a number of paper and Jumbo, and I’m not trying to do everything there is a “coverage” of loans. It was on my business in these opportunities.
BRAD: How did you react borrower?
BOB: You do not even know it exists. You do not know what we are talking about.
LAURA: There is not a problem, because they do not, the type of loan that (GAFLA) would have an impact on its market. Its objective is not under the law.
Dan: I think each market is influenced by the law, because GAFLA is a frontal attack against the Grand Canal. There are injustices that are incorporated into the law. These are the same as those of bank loans, instead of a broker, which can be negotiated loans in the form of loans covered, and bank loans, a loan is not covered.
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