Brokers are also a little upset about what they would consider a mess they were left with. Most of the brokerages who are still in existence are commonly the ones that were not necessarily originating all of the “exotic” mortgages. In their eyes they were providing a good service to borrowers and as a result of originating good loans they were provided access to more lenders. Now, they face even stricter scruitny, high compliance and training costs, and worries about the new yet ominous CFPB.

All in all, brokers understand that they are at the beginning of a new era, and they also understand that the mortgage industry is undergoing some greater changes to regain the public’s trust. One thing they do want to know though, is how exactly are they going to survive if the regulatory atmosphere continues in this quick-fire manner.

OMAR RAMSAY

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