More Lenders to Vanish Away

03/18/2016
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The news of WJ Bradley is shocking to some, and not so much to others.  But here’s the deal, we think it’s just the beginning.  Remember the “Implode-O-Meter” from the past?  Although we don’t see it being as bad as that, we think we’ll be seeing more and more lenders fading away or consolidating.  What are your thoughts?

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16 thoughts on “More Lenders to Vanish Away”

  1. George Baumann says:

    Great show guys. Keep it up. Maybe someday people will respond. By the way what is the best way to fight back. Can you provide contact info so the average citizen can leave comments to whoever. Let us know. Set a contact list for your viewers

  2. gary j. heinecke says:

    Need someone like Trump to break them up –Hillary says she intends on taking the Dodd Frank further. They can start by forcing Frank to sell out his share of the AMC he owns. They need to stop blaming brokers. We made well over 100000 less than the year before and have 4 times as much paperwork . We keep the license because we still would like to help people, but with our average loan around 120000 it is nearly impossible to stay in the business. We find it ridiculous we can pay an outsourced processor but that we cannot be paid ourselves and that we have to absorb the cost of a processor with no chance of increase. Kept a log to send the Congressman every time we cannot afford to help a client. Lastly Vote for Hillary and lose more equity!! I have this running on our LED!~!

  3. Don't stop talking about this stuff!! People just don't know about it and that's why there's no ourrage…

  4. Leah Courant says:

    So color me “outraged”
    Who would we go to to start fighting this? Would the MBA be the entity to lead the charge? It would seem appropriate. We need to mobilize but how to start?

  5. Mortgage lending may soon be a thing of the past…could the cfpb be a product of the ultra rich trying to remove the… mc?

  6. Andy Harris says:

    The solution, as I've been yelling from the rooftop for years to originators, is wholesale lending. Power in options, lender competition, and not putting all your eggs in one basket or on employer warehouse lines. Better pricing, etc. – yes, the "new" Mortgage Broker is best for consumer and originator. Very fast, compliant TRID execution and control on closings and a partner versus employer with "options"… no comparison to a creditor-employed originator or what they call "bankers" apparently.

  7. Quicken Loans is doing very well through all of this.

  8. Nancy says:

    The fascist lefts plan all along. Consolidate them down to govt management control level. Pay every one the same thing. Take control of the financial system. Get everyone on assistance, control healthcare and the media. Right out of the Communist playbook. Oh, an make friends with the Communists….IE:Castro. Been there, done that, and am married to a Cuban. It’s as plain as day.

  9. WWTD….. What would Trump do?

  10. Welcome to the ultra hi tech mortgage world. I'm not opposed to the 'let the bankers fail' approach. If your too big to get out of your own way, as in not being tech savvy enough to figure out how to comly with TRID, you deserve to get run over. I was armed with extensive knowledge and understanding of TRID but that didn't do squat when my choice of wholesaler got caught in the Encompass debacle, which still is unresolved. We simply stopped sending them business and went elsewhere. THe result : my originator took an app on 3/2 on a relo client, uploaded it to the web site, got it esigned, including the lender prepared LE and all disclosures on 3/4 and submitted. Got the clear to close on 3/18 and CD issued and am ready to close. Smooth as silk, as they say. So LOs need to get out of the 2nd tier mortgage bank arena, basicall just big correspondent lenders like WJB, and settle in with a high quality broker. CFPB isn't going away, nor changing what they have done re TRID. Wake up !!!!

  11. I can't help but think that this is a part of having banks – and banks only – doing mortgage loans. Courtesy of the entrenched lawmakers in bed with the banksters.

  12. That's my expectation as well. Politicians would like to consolidate power in the market so they only have to repay favors to a few parties instead of multiple competing interests.

  13. Lack of competitions does not help the consumer. Lenders cannot stay in business without making a reasonable profit; hence, the smaller operations will not be able to sustain. The CFPB and initiation of TRID is reducing options for the consumer, created prohibitive expense per loan, resulting in fewer choices for financing. Nancy Overcash, Homestreet Bank.

  14. Cj Love says:

    Am not the smartest one in this room, but as a Realtor and Author, looking around me it like same twirling different song. Now am just rolling with the lyrics and strategically work smarter.

  15. Hey guys, how about some ideas for what can be done? Provide suggestions to raise the voice of the people that can be carried through the proper channels. Many don't have a clue. I am also shocked at the lack of outrage from such blatant goings on from these supposed regulating organizations turned tyrant, needing repeal. Its great you provide the news, but help the masses make decisions on how to go about getting some action done. I'd like to see your next post on something of that nature. Thanks for listening.

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