Posted To: The Garrett Watts Report
“The risk of a wrong decision is preferable to the terror of indecision.” This is a quote from the Spanish Philosopher, Maimonides (1135 – 1204). I might add that “indecision is a decision”. Small mortgage bankers have some decisions to make today. The changes in net worth requirements of FNMA and the 3-year staged increase in net worth of HUD are creating a dilemma for many small mortgage bankers. The minimum net worth requirement for mortgage bankers is quickly moving to $2.5 million. If you are a mortgage banker originating loans through mortgage brokers, net worth requirements are moving closer to $5 million. Most of the mortgage bankers we’ve reviewed over the past several years have less than $1.5M in net worth. Until recently that was considered adequate…(read more)
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Original post by C.M. "Corky" Watts, CMB
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