Did you know that only half of the rules and regulations of the Dodd Frank bill have been implemented? Where will the cost of doing business go once the other half is rolled out?
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Now on to the show…. Did you know that to originate a loan today, that’s ONE loan, it cost over $5k? And that’s down from last quarter!! The cost of doing business in this industry has gone completely out of control. It’s no wonder the under served classes are suffering so much when it comes to lending. Imagine that, $5k to do a loan. Right off the bat you’re underwater $5,000? What lender is going to do an $80k loan out there? Well the good news is at least the cost is coming down right? Uh, well, maybe, why? A big part of the cost of doing business out there is the cost of increased compliance through Dodd Frank. Okay, so. Uh, only half of Dodd Frank has been rolled out – do the math guys. Let’s hope some “change” does come down the pipe soon.
With that let us know your thoughts down below and have a great day!
Frank and Brian