I am extremely proud to announce that Huettner Capital, LLC is now a Mortgage Banker. The transition from a Mortgage Broker to a Mortgage Banker offers many benefits to my clients. In fact, these benefits and ridiculous recent mortgage regulation changes are the reasons I finally decided to make the move.
More Competitive Rates and Fees – I know I already beat the national averages, but I will be even more competitive on rates and fees as a Mortgage Banker.
More Loan Program Options – As a Mortgage Banker, I will have access to even more loan programs for my clients.
More Control Over The Loan Process – I will have more direct control over the entire loan process resulting in an even better experience for my clients.
Avoiding Some of the Insanity – Mortgage Brokers are regulated differently than Mortgage Bankers including many ways that simply do not make sense. Here is just one case:
New Qualified Mortgage (QM) rules went into effect in January in an effort to lower mortgage rates and fees. In several cases, these new rules would have required me to use lenders with higher rates and fees to meet the QM rules of “lower cost loans.”
You are reading that right. I would have had to offer a client a higher cost loan to meet the new rules for low cost loans.
As a Banker, the fees are calculated differently. The result is that I don’t have to increase my borrowers’ rates and fees to meet some new definition of a “low cost” loan.
There are several other benefits including the ability for me to pay loan fees for a borrower in the event of an error on the loan. Brokers are explicitly prohibited from paying for any fees like this even if they cause the problem.
The move from Broker to Banker is a natural progression for a growing mature business in the mortgage industry. I made the change now because the benefits to my clients increased overnight with the new rules and regulations.
Please call or email me if you have questions about financing.