Kelly McCray comes through with a comment that will be heard around the world!
I was at the east bay CAMB [California Association of Mortgage Brokers] legislative update meeting yesterday. It is becoming quite clear that there will be little, if any, impact with the raise in conforming loan limits. This news is disappointing to say the least. Fannie Mae is planning on charging a premium for loans over $417K, so what was the point?
I am very concerned for the consumer right now. There is a lot of legislation on the table both at the state and federal level that will make it extremely difficult for borrowers to obtain financing, with or without a broker. On the state level, stated income [loan] is very likely going to be outlawed. 100% financing is on the chopping block as well.
And you think we don’t report the doom.