Following is a fantastic and simple explanation of what is happening in the mortgage industry and how it will affect you, the consumer. Big Banks have for the past couple of years been influencing Congress and laws have been passed that cripple competition to the Big Banks in the form of the independent wholesale mortgage broker. Bank of America even announced last week that it is closing it’s wholesale channel to brokers as soon as all current loans in their wholesale pipeline are done.
So take four minutes and watch this video. I think it you’ll like it.