So is it true or not? The end of the mortgage broker is here? New GFE takes away YSP? We have been flooded with questions regarding the RESPA changes which take effect on January 1, 2010. Rumors are flying regarding the future of YSP and the future of mortgage brokers in general. Many of these statements are simply false. The new GFE and the accompanying RESPA changes DO NOT eliminate YSP. The new GFE simply requires it be disclosed differently. Mortgage brokers may still earn YSP as part of the total compensation on the transaction. The RESPA reforms do not kill the broker industry, but do require ALL loan officers to change the way they disclose costs to the borrower.
Due to the massive amounts of confusion and rumor about these issues, we will be holding several seminars in the next few weeks to explain the new GFE and the RESPA changes. Please see the schedule below and know that we will be adding additional dates in Utah, Idaho, and Colorado. We are only charging $30 for the course and it is approved for 2 hours of core Utah Mortgage CE. (MC091014) In the next few weeks we will be launching a new online course on the new GFE.
Salt Lake City, Utah
November 18, 2009
St. George, Utah
December 14, 2009
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