Happy April Fool’s Day

29 03 2011

It would be WAY too easy to make a cheap joke about the new Fed lending guidelines that will be enacted this Friday, April Fool’s Day.  I’ll let you share your jokes in the comments section below.

But a tornado of new lending changes will hit Oklahoma buyers this Friday, and I want you to be prepared.  The Fed’s LO Compensation Plan aims to help borrowers by prohibiting abusive or unfair lending practices.  Simply put, lenders cannot “double-dip”, receiving money from the borrower and the lender.  They also cannot steer a client to a worse loan product so they can make more money, and must disclose at least 3 specific options to each client.  And they cannot be paid based on the terms of the loan, like credit score or other factors.  They can only be paid a flat salary or a flat fee based on the amount of the loan.

There is already way too much confusion about how to implement these guidelines, so I put together a video to show you how I will keep it simple and understandable for you, the client, in the face of these changes.  Please click HERE for a short video explaining how I will help you retain your sanity on April Fool’s Day.

Please let me know what makes sense to you and what is confusing.  And as always, I’m here to serve.  Thank you!

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