Comment Detail
Date: N/A First Name: Torsten Last Name: Johnson Email: tjohnson@stearns.com Organization Type: other Organization: Stearns Lending Comment
When any fees are put in place, the end consumer has to bear the burden of these fees either through a hgher rate and or more upfront fees. I never like borrowers having to pay for more than they have too. In my opinion, the reason for the colapse of the mortgage industry wasn't because we didn't have enough reserves (g Fees) to cover losses but that underwriting standards were very poor with stated loans, sub prime loans, etc. As long as we verify income on most borrowers as well as credit, I beleive we will have a healthy financial market without having to increase fees. The mortgage market is healing without the need to extra costs.
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