The mortgage business will never be the same. If your not aware yet, you will be in the next few weeks. April 1st is the day that many of the new provisions of Dodd-Frank financial reform kick in. Already, you may be seeing less loan officers than in recent years. Maybe you thought it was because of all the refinances they have been writing. That may be part of it but many loan officers will not pass the new licensing requirements or pass the background checks. In addition to that, the amount of income that mortgage banks can now make is being capped. Is this a good thing for consumers?
We shall see after April, 1st.