Utah Rates, Programs, Purchases or Refinaning by Utah's Mortgage Guy

Many of you may have refinanced or made a purchase of a new home since May 1st 2009.  So you are fully aware of the new appraisal guidelines that the goverment put into place.  Everything I have experienced about this new "Home Valuation Code of Conduct" rule has been negative.  So why are goverment entities trying to add more regulation to the mix?

That answer is complex and concerning.  The more goverment regulation there is the harder it is to get a great rate and great service from a smaller lender or Mortgage broker like me.  If we have to have full time staff just to track all these new regulation we become unable to pass any sort of savings and service benefits to borrowers.  At the end of this month it will be nearly impossible to close  home loan in less than10 business days.  Although it is already tough to do so i had 4 clients in the last 60 days sign their closing documents within 8 business days of me taking there application for a loan.  That is great service that will now be practically impossible. 

The goverment thinks by slowing the process down they are helping consumers.  But the opposite is true.  Longer processing times means longer lock periods, which means higher rates.  Also the save borrower that wants to time things just right now has to wait at least 3-7 days from application to order their appraisal.  And if the scenario changes they have to wait another 3-7 days to close once we are ready for closing documents to be drawn.

I stress the importance of using a reputable Loan officer that knows the rules in this environment.  If you make the wrong choice you could loose out on the rate you wanted because your lock may expire.  And there is nothing more frustrating to hear than when a new client comes to me to tell me about the last guy that totally messed up their loan for them.  Stay in touch and please remember I would love to help your friends, family, and coworkers get the best advice and service for their next loan.

Signed,

Utah's Mortgage Guy, Kelly Whytock