That LYING moron Drumpf hasn’t the faintest idea what affect this will have. Someone whispered in his ear to do this. Probably a banking lobbyist. He just killed it because Obama had something to do with it. The AMCs will continue to overcharge and LO compensation won’t change. This will barely affect day to day operations.
All this bill did was relax the capital reserve and compliance requirements, which is beneficial for small banks and credit unions. With the return of the independent mortgage broker nothing has changed. For those that are independent mortgage brokers the biggest issue that needs to be “repealed” is lender paid compensation counted in the 3% LO comp rule under Dodd Frank. In its current form lender paid compensation is double counted in both the final interest rate and the points test. Whereas a SRP for a lender is NOT counted in the points test. Therefore lenders can offer more choices between low rate high cost or higher rate low cost. There was an effort in Washington DC to correct this mistake; however lack of interest from the mortgage brokerage industry killed the momentum of the bill.
Is no one concerned about the lack of appraisal portability? Borrowers pay for the appraisal. Good or bad, they should be able to take it with them to another lender if desired.
MBS Highway is a communication tool that will help you improve your batting average and turn more conversations into applications. Every morning, you’ll receive a coaching video from Barry Habib which will help you beat your competition and be a true advisor in this rapidly changing environment.
The National Association of Mortgage Brokers is the voice of the mortgage industry representing the interests of mortgage professionals and homebuyers since 1973.
In addition to mandating members adhere to a professional code of ethics, NAMB provides mortgage professionals with education opportunities, and offers rigorous certification programs to recognize members with the highest levels of professional knowledge and education.
Ryan Hills and his team over at the RESource are great friends of ours. Tune-in their latest weekly episode right here on the home page of the National Real Estate Post. Ryan delivers fantastic content beneficial for both mortgage and real estate professionals.
Andrew Berman is a wonderful friend of the NREP Daily. His MNN shows are always insightful with great guests. Be sure to tune-in to MNN right her on the National Real Estate Post to see what Andrew has in store for you. Great content for mortgage and real estate pros alike!
Shred Media is the first professional development agency for the real estate & mortgage industry. Shred Media was created for industry professionals by industry professionals. We understand that you have to stand out to stay relevant to today’s consumer. That is why we are hustling daily to build a community where today’s top influencers and thought leaders come together to collaborate.
Two of our favorite guys over here at the NREP Daily. Ray and Dan are true leaders within the real estate industry and their weekly shows prove it. They bring great content and amazing guests to you in a fun and interactive way. Be sure to visit them by clicking the button below so you get notified when they go "live" on Facebook. Trust us, these guys are great!
This is a needed move in the right direction.
Does the new legislation allow banks to fail with no consumer bailout money?
That LYING moron Drumpf hasn’t the faintest idea what affect this will have. Someone whispered in his ear to do this. Probably a banking lobbyist. He just killed it because Obama had something to do with it. The AMCs will continue to overcharge and LO compensation won’t change. This will barely affect day to day operations.
All this bill did was relax the capital reserve and compliance requirements, which is beneficial for small banks and credit unions. With the return of the independent mortgage broker nothing has changed. For those that are independent mortgage brokers the biggest issue that needs to be “repealed” is lender paid compensation counted in the 3% LO comp rule under Dodd Frank. In its current form lender paid compensation is double counted in both the final interest rate and the points test. Whereas a SRP for a lender is NOT counted in the points test. Therefore lenders can offer more choices between low rate high cost or higher rate low cost. There was an effort in Washington DC to correct this mistake; however lack of interest from the mortgage brokerage industry killed the momentum of the bill.
Is no one concerned about the lack of appraisal portability? Borrowers pay for the appraisal. Good or bad, they should be able to take it with them to another lender if desired.
What could possibly be wrong with a financial bill authored by two Democrats, one being a fabulous Democrat?
I thought it was the appraisers that were the blame for everything.