Things are changing, and at light speed pace!  After over 20+ years in the business, I have seen things change so rapidly, and with such HUGE differences, that our company is putting us ahead of the others out there by bringing people in from the agencies doing the massive changes, to train us all in the current and up to date technologies.  We are online, getting approvals in practically minutes or hours, rather than weeks. All with the touch of a few buttons. Of course this  new Credit Score driven, technologically advanced, artificially underwritten system is good for many and not so hot for others. But if you have taken due diligence in keeping your credit exceptional, than you will be able to get the best rates with the greatest speeds, allowed at the highest possible ratios!  For those of you have had some credit problems due to "whatever,"  you might not be as lucky in the new scenarios being put together in today's world.  If your credit scores are not high enough there is a good possibility that you might not even get a loan. At least not at what we have always considered a reasonable rate.  If you have enough money down, they will still give you a loan, but it might be at 9.75% or even 13% rather than a nice 6.75%.  It will all be based on what is called, "Risk Management."  IF the lender makes the loan, you will pay for it, quite literally. 

Gone are the days when you can just call and ask, "What are your rates today?" Like we only had one rate that was available to everyone equally.  I get these calls all the time and if the people haven't first been recommended to me by someone, they seem to get very irritated at me when I start asking them for their Social Security numbers or other personal information.  They'll say something like, "Look, I don't want to give you my personal information, I just want to know your rate today," like I just have one rate. I've always thought that was rather funny in the past, since I am a Broker and can offer everything that is out there. But it is totally hysterical now that it doesn't even matter, IF their credit scores aren't "worthy" of what's available anyway. 

You can almost compare the scenario to a young kid going into a car dealer to lease a car for the advertised special of 2.9% interest.  He drives the car off the lot, shows all his friends and then three days later the dealer calls back and says, "We're sorry but we can't let you have the car at the advertised Special because you don't have enough credit. However, we will SELL you the car, since you already have it, but your rate will be 21% interest for a period of five years." Sound familiar? It's happened to sooooo many!  Now of course in this scenario you won't be able to take the house for a spin around the block, but you get my gist. Now you can call on the special rates just to find out that it doesn't really matter so much what our rates are, or anyone else's for that matter.  You will be "assigned" your rate.  Now I am exaggerating here some. There will still be room to shop rates, but for the most sake it will have to do with what "your" score is, not what we are offering in the paper, etc. 

I'm anxious to see how this will all come out in the wash.  For many years, lenders have been accused of discrimination against some particular race or ethnic groups.  Even though the lender tried to say in some cases it was a credit issue rather than a race issue, that got the loan denied, there were those who still raised their eyebrows about it.  Now they say that because of these credit scores, there is no way that it can discriminate. It is supposed to be color blind. We'll see! Seems to me, that this might just be a harder way of actually tracking the discrimination and calling it what it is.  On the other hand, it 
will sure make out jobs easier for those who fall within the accepted guidelines.  Maybe that will just leave me more time to work with those who truly need the help!! I hope that is it! 

Maybe we've gone so far ahead that we will end up back with good ole' Christopher Columbus and find "new" lending continents.  Have a wonderful New Year and have fun exploring your own part of the Universe!