My New Blog

The kids are back in school, and Fall is in the air.  The memories of laughing children in the swimming pools have been replaced with backpacks headed for the nearest bus stop.  Hot summer will soon be just a memory as Fall weather edges closer.  It doesn't take much to remind us of the quickly changing landscape of daily life. 

There have been significant changes in the mortgage industry this year as well.  Below are some of the changes:

1)  FICO scores will have a greater affect on the consumer's ability to borrow money mortgage interest rates they are offered.

2)  A new mortgage disclosure must be provided to the consumer explaining their credit score and how the lender made the decision on their loan and interest rate. 

3)  One of the most significant changes for mortgage companies is the way their brokers are paid.  As with any major change, this one has been a mixed bag...helping in some areas, challenging in others.  The jury is out on the long-term affects of this change.

Submitted by Lynda Fleming, Customer Service Rep/Integrity Mortgage & Financial, Inc.