It has now been over three months since the Dodd Frank Bill was enacted, affecting the mortgage industry as a whole. The take on it from industry professionals is that it has made business much, much more difficult due to requirements to meet the regulations. Many more man-hours are required just to comply with them. Now that we have seen the full effect of the bill,it is clear it has affected two groups and two groups only-individual loan officers who facilitate the transactions, and the consumers themselves. From what we have noticed, interest rates about a quarter different in the negative, with a higher rate for the burrower. The loan officer is making about 15-20% less. The companies and banks that the bill targeted have not felt the effect—the expenses just been passed to the consumer.
Sr. VA Loan Specialist