Notes From The Mortgage Insider

Last April, the Federal Reserve overregulated our industry by amending Regulation Z (commonly known as Truth-In-Lending) in so many ways that are anti-consumer because they severely limit our flexibility in designing the best mortgage solutions for our clients. But we have some good news for 2012!

After nine months’ experience with the new Reg Z we have figured out how to once again offer what used to be called the “no closing cost mortgage” by using what is now called “lender paid closing costs.” It’s a bit more complicated than before but in the end we can get your clients to where they want to be – a refinanced mortgage at a lower rate without directly paying any closing costs.

On a personal note, along with a wish for health and happiness to all for the New Year, I would like to take a minute to honor my father Joe Hofberg and my Uncle Sam Hofberg, both World War II veterans; Joe in the Navy and Sam in the Marines. Sam will turn 90 this year (my father does not permit me to divulge his age but it is pretty close to Sam’s). Both are in good health and look to be around for a while. We are very fortunate to have them.

Regarding those who have served our country I recommend to you a recent story in the Wall Street Journal entitled, “Happy Hanukkah, Marines!” using this link. It will be available online for seven days from today.

WSJ.com - Opinion: Happy Hanukkah, Marines!

Happy New Year to you and yours!

Steven Hofberg, Operations Manager, Residential Mortgage Center Inc

To contact Margie Hofberg email her at margie@rmcenter.com. If you wish to be notified when she posts the weekly Newsletter simply click on the Subscribe button below. To be added to the weekly Newsletter email distribution list email Renee Bourassa at renee@rmcenter.com.