Donald Trump said he wants to cut regulations by 75%. While this sounds great, he’s probably talking in metaphors. Either way, some stifling regulation cuts would be nice, yes?
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Get rid of Appraisal Management Companies and allow us to talk directly to the appraiser.
LO licensing is important, however all LO’s should be on the same playing field and required to be licensed. The annual CE is not really helpful, is expensive and time consuming. The education should be testing knowledge. I would like the regulators do re-think the HOEPA triggers as this is affecting the very borrowers we are trying to help. Reduce TRID to purchases only, and shorten the window to 24 hours to review the CD. The LLPA’s should be reduced also, risk based pricing is too costly, and too similar to the prior non-conforming pricing. NO doc loans and sub-prime should be brought back, there is a need. With responsible lending practices and programs.
As far as CO and smoke detectors go, I actually like them separate. With separate detectors there is no questions as to whether it’s smoke or CO even when you buy the cheaper models. I like to plug a CO detector with a batter backup in an outlet near the gas furnace and gas water heater. It’s recommended to have at least one CO detector per floor, but check with you local building code and regulations to see what is required in your area. Smoke detectors typically go on the ceiling. Please check you local regulations for actual requirements, but typically you want at least one smoke detector per level of your home, typically placed centrally, at the top of stair wells, and near sleeping areas or even in each sleeping area. Battery replacement will depend on the model, but twice a year for traditional battery operated models. Testing them is more almost important, and should be done about once a month to verify they are still working.
We need to be able to use common sense on making loans, looking at the whole picture. LLPA’s should be reduced, way to costly. Ease up on adjustments for investment properties. I would like to see a stated income loan come back using average of deposit for 12 months bank statements for income. It would also great for the CFPB to go bye bye.
I don’t disagree with what you say, but none of those are regulations.
Level the playing field, regulations should be across the board and imposed on banks as they are on everyone else. Mortgage brokers were unfairly blamed for the housing meltdown as the main culprit and thus regulated out of business in many instances. Banks should be required to disclose their commissions, license their Lo’s etc. It’s only because the bankers assn has big money to buy politicians to stamp out their competitors ie: brokers.
It takes forever to get a clear to close. There is always one more thing. The process make realtors, buyers and sellers very upset as they thought all was OK……..but one more thing or we can not close tomorrow. Get rid of TRID or have it 24 hours.
Appraisals are being phased out, Fnma and Freddie have been gathering this data for years and years. The DU findings will eventually waive the appraisal on any house that has been appraised before and data collected, and then eventually on all loans. They have the data and the value can easily be determined without an appraiser actually going out to the property. The writing is on the wall.
great show today, both of you had me laughing. Thank you I needed today.
Guys, bad advice on the combination CO smoke detectors …. smoke (high up in the air) is LIGHTER than air versus CO which is HEAVIER than air (down low to the ground) which is why you want SEPARATE detectors …… OR your advise is good IF and only IF you are going to separately put combination detectors where the smoke will be (high up) or where the CO will be (down low) which then becomes really costly …… Think about it!