Based on recent reports, the Dodd-Frank Act has eliminated 4,300 jobs this month and contributed to fewer consumer choices, according to a report by Credit Newsline.
Earlier this month, MetLife announced that it would be shutting down its mortgage unit, which employs 4,300 people – many of which will lose their jobs. OpenMarket.org estimates the loss at $90 million.
The Dodd-Frank Act enforces heavy restrictions on mortgage companies, requiring that they seek a buyer to avoid oversight. Due to the heightened risk, big banks such as Wells Fargo or Bank of America are reluctant to acquire additional mortgage units.
Click here to read the complete article.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More