Housing Changes May Hurt Small Businesses
Home buyers are gaining greater protection during the home-purchasing process thanks to some new federal regulations. But these changes might wind up causing more harm than good by putting some smaller mortgage companies out of business. In the long run, that might actually make it tougher for some buyers to find a home.
I traveled to Columbia, Missouri, to see how a company that helps veterans and active duty military members become homeowners is coping with the changes. While the folks at VA Mortgage Center.com will likely weather the SAFE Act, it sounds like some other small and mid-sized mortgage companies could be in trouble.
Special thanks to Brock Cooper and Priscilla Conrow of VA Mortgage Center.com and Dave Jackson of JFI Brokerage and SuretyBonds.com for their time and willingness to be interviewed.