Reno Nevada Mortgage Rates

Good day all,

As the following article came out last night, it is old news. The rates stayed under 5% until this morning, of course.

As CA has recently gotten on board with the federal SAFE Act, I took some time to read through it. I was surprised to see that “employees” of federally chartered banks will not have to comply. The rest of us, independent mortgage brokers and our agents, will have to take additional continuing education and yet another test, as well as the state required CE. NV plans to be on board by September.

As I encourage my clients to “shop” me, I have been seeing lots of GFE 2010s and “worksheets” coming from banks and direct lenders that are not standardized. They are leaving out some of the loan costs. And here I thought that the banks now were required to make full disclosure. Of course, they state that there are no other “hidden” costs, yet they do not disclose their net return. Hmm, their “employees” are not required to take the national education courses or the test and they don’t have to disclose the back end return. It’s all politics. So please, Support your local mortgage broker ;o)

Everyone log onto: www.thinkbigworksmall.com and watch the daily video. Good stuff by two guys in our industry making some noise.

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