Ok, It is what it is!

Now that the Federal Reserve Bill has basically gone into effect, we all have to come to grip with the realty of the situation.
It is disappointing for many of us who are originators that we have lost some of the creativity which we had and the ability to get rewarded for the level of service which we provide. However, having said that it may be a blessing in disquise.
The borrower/buyer,owner can still shop but they are limited by getting true pricing. What does that mean. Well, simply put they want a particular rate and they have two simple choices for the term that they desire - either to pay for it as a discount or get a lender credit back if the par pricing is higher than what the lender/broker is allowed to charge.
It may sound a little confusing in how I expressed it but what you really need to know is that there isn't any origination points/fees allowed any longer. My feelings or opinion don't matter becasue the banks are going to do what they want with the duplicity of congress regardless of whether they should or could.
Should they be able to make even more given the challenges that everyone is facing in the economy? That is a blog for yet another day.
As always, if you have questions or would like to know more about what impact the FRB will have on you, please give me a call, or send me tweet or email