You Are Referred to a Trusted Loan Officer…IT DON’T FEEL SO TRUSTY…thanks to New RESPA rules

Most Loan Officers, the ones that work outside the large call center type organizations, are entrepreneurial or self employed in nature. What I mean by that, for this message, we do not have a huge research staff that tells us why our numbers are falling, or when there is a major change, how to combat that. Therefore, most of us do what we feel is right and wonder if everyone else is doing it the same way. I read an article that backed me up on the feelings I had with regard to the RESPA changes and how to get conveyance to my borrower correctly without looking suspicious.
Unlike the majority in the industry, I do not despise the new rules under RESPA. On the other hand, I have wondered if I was “doing it right” or doing it like everyone else. I was reading an article from Tracey Ramsey, the Staff Writer for MortgageCurrency.com, and she really said it right. All of the changes that were designed to help the borrower on the new Good Faith Estimate or GFE 2010 do not help the borrower unless they know how to use it, and if they are not aware of the changes, they may not feel comfortable in the shopping process.
To see a little of what changes and when they occurred for the RESPA guidelines, go to my Active Rain Blog here. After reading this article from Tracey that I linked you to above, return for the remainder of this message.
I further suggest that a home loan shopper use their ability to recognize a trusty person rather than their ability to crunch mortgage numbers when shopping for a mortgage person. Use the one Loan Officer you LIKE the most until you are contracted or ready to lock your loan, and then shop by comparing others to him. In the end, you want to try to work with who you feel is most trustworthy if all possible…do not let a matter of $100-$300 in fees be the deciding factor or you may end up with $thousands$ worse over the life of the loan. Trust me shopper, you do not know what is best for you unless you take the advice of a professional…that includes you folks who are working on your 3rd, 4th, or 5th loan transaction too.