howdo: (December 20, 2010 6:20pm)

Verry interesting as Professor Irwin Corey of my Fed Reg class would say.

W.R.Buchanan: (December 20, 2010 5:54pm)

T Bone: No? Enlighten me. I do know that with the banks as far up the collective ass of Congress and the Fed, we will be written out of everything. They don't need us, and more properly, they don't want us because we impede their actions. Without appraisers Loan Agents, and RE Agents they can sell properties for whatever they please, and that adds up to Control over the population. Money is about one thing,,, Power. The only purpose of power is control, and the ultimate purpose of control is to STOP Freedom! That's how they bring down this nation.

T Bone: (December 20, 2010 2:00pm)

Randy, do you know what the Carry Trade is? Yes or No?

W.R.Buchanan: (December 20, 2010 1:34pm)

Gosh: could this be another step towards the complete takeover fo the housing market I have been harping on for the last 5 years . I bet it is? On O'Reilly last week in his interview with John Stossel the point came up, "which banks that have received Tarp funds have paid back the money?" The answer is ,,,,Gosh, big surprise, the big four + Goldman-Sachs. How'd they do it? Well you and I paid for it and they took the profit. The Fed made them such a good deal on troubled paper that they are making record profits, only problem with the deal is, they are not having to eat any of their losses. We are. Do ya know how they did it? They did it by hold the whole economy of the US and the world hostage, and they are still doing it! The line was,,, "were too big to fail". If we fail the whole economy will collapse and the country will drop into a great depression. Boy it sure was nice of them to save us from that bullet! All it cost you was your job and your house. Randy

norman: (December 20, 2010 12:58pm)

Fascism at its finest! The country has become so anti business.

lendershop: (December 20, 2010 11:33am)

The new rule specifically states that compensation from the lender given to the consumer to pay broker origination charges is still considered as compensation directly from lender to broker. So anyone using the argument that the 2010 GFE solved this problem is in for a big surprise. Anyone who takes their job serioulsy should read the entire fed ruling so that they are not spreading misinformation around.

5pence: (December 20, 2010 11:24am)

Yeah Bono, you're for it until you become a victim. There is no separation between government and corporations, haven't you heard? We're in a Corptocracy. Actally, the day isn't far off when your booming career will be seen as not being cost-effective for the ruling banksters and they'll cut you off too. Inverted totalitarianism is the "cost-effective" over reason and the ideal.

5pence: (December 20, 2010 11:19am)

Mike8307 : Unfortunately things aren't bad enough for everyone to do it. I'm wondering how bad things have to get before people will get off their couch. How bad. Are you all going to wait until it's too late? I'm ready willing and able and it's not like I've never done it before. 60's and 70's protests of the Vietnam war. Good times

Bono Vox: (December 20, 2010 11:18am)

Kevin - agree with you, this isn't an unintended consequence. This is the fruition of months of hard lobbying by Big Four and of Jamie Dimon's seat on the Fed Advisory Panel. BROKERS - the spot to worry is wholesalers. They may restrict how you're paid, even if you don't. That's what I'm hearing, anyway. 5PENCE - if it's between corporations and governments, I'll take corporation any day. They can be sued and/or exposed. BANKERS - one local bank estimates 40% of mtg bankers will quit in 2011. Not fair, but more business for the rest of us. Time to make sales calls, bye!

Mike8307: (December 20, 2010 11:13am)

5Pence.... I've got my tar and feathers, pitchforks and torches all ready and waiting to go.

msprenger: (December 20, 2010 10:59am)

Can't agree with all of the broker's comments below about GFE 2010 already taking care of the new Fed Comp rule...We are already compliant as brokers! This was a good explanantion from one broker below: Frank and Brian, I don't understand? As of the old "new GFE law", we loan officers do not make any money from the Lender in the form of YSP. That was gone a year ago. All YSP is a credit to the borrower to offset our "Mortgage Broker Fees" We charge what we want to make in Box 1 and the lender gives a credit back to borrower in Box 2 and the net charges to borrower are in Box 3. How does the new law change this? It says that we cannot receive compensation from both the borrower and the Lender. WE DON'T. We only receives it from the borrower, and the lender's credit to the borrower, depend on the rate. How are things changing?

jdillingham: (December 20, 2010 10:36am)

You keep discussing the fact that the new rules will put LO's out of business and that there will not be enough LO's around to fuel the recovery. Not a chance. There have always been too many loan officers and there always will be too many loan officers. The real problem will come as rates rise in 2011, lenders will fire their support people, particularly underwriters. So when the housing market improves, we will have plenty of LO's, plenty of appraisers, escrow and title will be squared away. The real problem will be not enough underwriters to get the job done.

Artisan: (December 20, 2010 9:45am)

I was under the impression that GFE 2010 already fixes the problem. As per GFE 2010 , I, as a loan officer can not be compensated based on the terms of the loan. I set a flat fee from the beginning that doesn't change based on the terms of the loan. Does anyone agree with me? Regardless of what interest rate the consumer selects, my fee remains the same!

5pence: (December 20, 2010 9:35am)

We really should march on Washington

fledermaus: (December 20, 2010 8:38am)

Frank and Brian- Thanks. Long time watcher and really enjoy watching your communication skills continually improve. You were great before but now trying to tackle and educate on some of these very complex issues. Very nice & impressive. Hat's off to you both, from a SAG actor, who knows what it's like to be in front of the camera trying to communicate.

kkric: (December 20, 2010 8:29am)

Unintended consequences??? What makes anyone think that putting brokers out of business is an unintended consequence?? Who do you think advised Barney and the Fed on all the new rules?? Who has benefited most from all the changes so far? Look at the mortgage market share of the top 4 banks 3 years ago, and look at it now. While they did not necessarily orchestrate the housing collapse, they are the ones managing it entirely for their benefit. When programs are passed effecting the big banks that they don't like, they simply ignore them. Look at the govt efforts to get them to reduce mortgage principal. Anyone know anyone who got a principal reduction from the big 4?? Only when politically powerful groups such as NAR launch an attack on the big 4 is there even a slight possibility anything will change.

T Bone: (December 20, 2010 8:21am)

Frank and Brian, Way to hang in there! There are some things that I don't think you're aware of. 1) Those of us that are still brokers probably can't get hired by the Big 4. peresoanlly, I'm a stud but I have 3.7 million in RE debt and a 600 FICO so they wouldn't hire me. But, in general, most of the brokers left out there are either to old or to stubborn in their ways (read: crusty) to get hired by the Big 4. 2) Pretty much forget the "There's more left for the rest of us concept". I not sure what economic theory applies to this, but I just don't see it adding up to more/new business. 3) Lastly, I lay awake in bed a night thinking of how I can take up a days worth of TBWS responses describing to you how brutal it is getting loans approved and staying open with lenders. Who are all those people on your Thanksgiving day message? I don't understand how they're getting paid? I WANT TO HEAR FROM THE GUYS UPSTARS WITH GRAY HAIR AND CONGENITAL HEART FAILURE HOW THEY KEEP THE DOORS OPEN!!!

Kevin Jones: (December 20, 2010 8:02am)

Frank and Brian, I don't understand? As of the old "new GFE law", we loan officers do not make any money from the Lender in the form of YSP. That was gone a year ago. All YSP is a credit to the borrower to offset our "Mortgage Broker Fees" We charge what we want to make in Box 1 and the lender gives a credit back to borrower in Box 2 and the net charges to borrower are in Box 3. How does the new law change this? It says that we cannot receive compensation from both the borrower and the Lender. WE DON'T. We only receives it from the borrower, and the lender's credit to the borrower, depend on the rate. How are things changing?

5pence: (December 20, 2010 7:49am)

Trickle down economics is now revealed as trickle down corruption, and nothing more.

5pence: (December 20, 2010 7:47am)

Another classic case of inverted totalitarianism and "managed democracy". Cost-effective theorists makes the rules where acquisition of material things for the few are what matters most - not what's ideal for all. Politicians are busy politicking with public displays of weeping or in-fighting with the ultimate goal of satisfying self-serving interests while ignoring the common good. "in inverted totalitarianism corporations and their lobbying dominate the Superpower, with the government acting as the servant of large corporations. This isn't considered corruption, but "normal". Cum-bay-ahma thinks corruption is normal. I say I want him primaried in 2012.

Mike8307: (December 20, 2010 6:35am)

Unintended Consequences !?!?!??!?!! Washington spends 90% their time trying to fix the unintended consequences of the laws and regulations they heaped on us to "help" the citizens, the consumers, the world. The other 10% of the time was denying any wrong doing and looking for scapegoats. This has been going on since, well.. hmmm.. at least 1913 and the creation of the Federal Reserve Act. Woodrow Wilson the great Progressive knew exactly what he was doing when he signed the Act and Thomas Jefferson knew exactly what he was saying when he said, 'A private central bank issuing the public currency is a greater menace to the liberties of the people than a standing army...We must not let our rulers load us with perpetual debt.'

640orFree.com: (December 20, 2010 6:25am)

Do you anticipate a major loss of brokers? If so, does this mean that mortgage closing will decline at the same rate, or that the ones left standing will make a fortune? If there is less people to market, will there be less takers? where is the silver lining? (btw, our business is booming and we are hiring like crazy, I actually had a mortg.AE turn me down because he would lose his benefits! OMG!!!)

barbara: (December 20, 2010 5:29am)

I CANNOT say enough GOOD WORDS about the Abacus NMLS Prep course. It is intense! If I would have had 1 more day to listen to all of videos and pretake all of the tests (I had 2), I probably could have scored 100!