Apparently the new Federal law requires a “compliance person” to oversee mortgages to ensure they are in compliance with Federal laws. So some smaller lenders are merging together to form larger mortgage units.
Is this reverse engineering to force development of bigger (i.e., TOO big to fail”) lenders?
But I think the comment in the Chronicle’s article of banks having a hard time competing with non-bank lenders because they have alot more variety of businesses to focus on gives me a chuckle – when did any bank ever concern themselves with “too much business” (making money)?
Source: Atlanta Business Chronicle Page A16 2-25 thru 3-3, 2011.
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