The mortgage industry is growing and changing at a rapid pace, with a constant stream of new laws and regulations coming down the pipeline. 

According to Rob Chrisman’s daily mortgage report, PERL Mortgage is following the growth trend and is now in the process of adding additional states to the 18 states it’s already licensed in.

Meanwhile, the Mortgage Bankers Association created a new website that centralizes the association’s resources regarding education, conferences, documents from the regulator and MBA analysis.

Additionally, states have faced regulatory and judicial changes that impact the mortgage space, Chrisman explained. 

He points to Texas as an example:

For those doing loans in Texas we were told recently that a Supreme Court ruling came out and now discount monies counts towards 3% of closing costs. What does that mean?

As one originator wrote me, “Well it means that it will almost be impossible to give someone a cash-out on the smaller loan amounts because the fees are capped. Especially if they have low fico scores because no matter how high the rate you can’t get to par pricing or provide rebate to offset those costs.”