Broker Business Drops, Banks Increase

It seems that with all this loan officer compensation reform, the broker side is really suffering. I am a banker not a broker, and yes there is a difference. Brokers have several commission sources, whereas bankers have a few. This is why broker’s fees always seem to be higher; because they are, and the shadow that follows them around is the same shadow that follows car salesmen around. There isn’t anything wrong with selling cars, but because of a few bad ones, we all get a bad rap. The same is true in the mortgage business.


Broker business has fallen nearly 60% since 2005, and it’s no surprise. This is when I could see things changing, although slow I could see we were headed for a real problem. I remember going to Las Vegas and talking with a cab driver and when he told me that he had all these investment properties that was a problem. People were being put into loans because they wanted them, not because they qualified for them. I can understand and respect why changes were expected and even mandated, however I think things can be too stringent. Change is good, but when we tighten it so much that it doesn’t make sense than we need to go back to the drawing board.

Everyone should be able to make a decent living, by charging a fee for the service they provide, but as always it’s all about balance.

-Mayer Dallal

The Truth About Refinancing Your Mortgage Now

Refinancing now is a great option for you if you need to lower your monthly payments, and part of that is getting a lower rate. This is important for you to know, because right now you are hearing a lot of advice on not making a rash decision about your home. Don’t listen to the nonsense, but do what is smart and beneficial for you and your family.


Banks don’t want you to refinance, and they would love for you to pay on your mortgage loan forever. Why? Because they see that it prevents foreclosures. By not making additional payments, you will have money to put back for yourself. That can be good for you, but refinancing now will give you a lower rate. Right now, if you don’t refinance, you will be stuck in a higher rate of interest which is more money for them. If you aren’t sure what portion of that payment you make is being allocated to interest just take a look at your statement, and if you can’t find it then call them.

Chances are, you are paying too much, and if you can get qualified, then move right along to a lower rate of interest. Rates are at all time low, with a 30 year mortgage as low as 4.75%, and a 15 year mortgage as low as 4.25%. Why wouldn’t you want to refinance now? Ask yourself that question. And, if you are looking to buy, there is no better time than now! Look at your credit report and be real with yourself about what is going on, and see what you need to do to make some changes. Put yourself in a position to move on with your life and build a future for yourself.

If you aren’t sure where to start, or what you need to do then contact me today; I can help. I can help consumers in all 50 states. You can find more information and get your application started by going to www.fhaloansnow.net, or you can call me directly at 310-498-2700.



-Mayer Dallal