Posted by NC_Closer on 10/18/13 11:16am
Msg #488617

MIC is shutting down

While I know they were hit with a hefty fine earlier this year I just read this article that they are no longer writing new loans and are virtually shutting down. They article cites new Dodd-Frank regulations that went into effect two days ago. Any opinions on how the new regulations will affect the refi business overall?

http://www.stltoday.com/business/national-and-international/mortgage-investors-corp-lays-off-nearly/article_965d580f-07df-5910-8df8-1329b337248b.html

Reply by ToniK on 10/18/13 11:35am
Msg #488619

Wow!

My ex husband just refinanced in May with them. I didnt agree with the terms (he wanted me there to see if it was a good deal). It was an ARM at 2.5% but he had to pay $30K in closing cost and VA costs. So his $300K loan became $330K. but it dropped his payments down $200 a month. But oh well.

Reply by NC_Closer on 10/18/13 11:47am
Msg #488624

Dodd-Frank

Looks like the new Dodd-Frank regulations will have the biggest impact on broker houses. Has to do with strict limitations making contact with customers, new and existing. Banks are excluded apparently.

Reply by HSH/WA on 10/18/13 2:04pm
Msg #488645

Re: I ran to see if I have any pending payments

from them like I did with HVR, none with MIC. I did not like the no call to BO aspect of their business. They seemed kind of big to go BK.

Reply by Philip Johnson on 10/18/13 6:47pm
Msg #488672

I quit working with them, some time ago.

Didn't like the way they treated us veterans.