Community Banks and the New QM

Community Banks and the New QM

Peter Buchsbaum Mortgage Banker Horsham PA

Hello, and welcome to Real Estate Reality Radio. The most important half hour of radio every Friday from 9 to 9:30 on WBCB 1490 am. Thank you for joining us. For those of you who are new to the show I have spent the last 40 years in the real estate industry both as a realtor and a mortgage banker. The show is dedicated to dispelling the myths associated with Real Estate and finance in your marketplace.

Within every market there are obstacles and solutions on the path to tremendous opportunities. I believe that most people are looking for practical advice. Please feel free to call 215-740-8999 or visit peterbuchsbaum.com.

Please join us live on the web at www.wbcb1490.com or on your FREE app Tune In Radio from 9:00am to 10:00 am every Friday.

 

Last week we were joined by a WBCB host Gaetano Martini to discuss reverse mortgages.

This week’s news was mostly about how Congress actually stepped up and passed a few laws and a budget. Go figure. The Real Estate and finance news was a bit muted due to the new mortgage rules that went into effect while we were on the air last Friday. Yes now your mortgage needs to be Qualified just like you. Seriously the Consumer Financial Protection Bureau instituted new rules that in my opinion protected the big banks and not one consumer. Shame on you CFPB. The new regulations are only passing on more expenses to lenders. Sadly the new normal will not adversely affect the big banks that earn profits in the billions after accounting for fines in the billions. It will however be passed onto you the borrower and will adversely affect the smaller lenders and most certainly the community banks. There was am article recently that the new QM rule meant “quit mortgages”. That’s the way it feels for the smaller community banks. The cost of regulation is reshaping how they determine if they want to remain in the industry.

Today we are here to discuss the incredible value that community banks serve on the communities that they serve. .

Please join us live at www.wbcb1490.com for the open discussion about the opportunities that are available to many may not know they are there. You cannot get the answer to a question you have never asked. We are here to help answer the questions.

Each week we discuss the myths of the mortgage market. It is not about rate. A higher rate with no mortgage insurance may provide a lower payment.

GMH Mortgage Services, LLC | NMLS #133257 | 215.740.8999

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