Owl Tree: (December 28, 2010 11:52am)

We definitely need to unite....it will be thousands of professional, ethical real estate professionals against plugged-in big bank lobbyists.

DCinFL: (December 27, 2010 2:01pm)

@Nuke 'em - you can take cheap shots at me if you please but it wont change the way I approach my business. I focus on what I can control which is why my business plan and marketing systems for 2011 are in place, and I'm going to grow my business regardless of the changes that occur in the mortgage industry. Best of luck to you and all my other fellow brokers.

iam 2520: (December 27, 2010 12:48pm)

F.H.A. "Flip Rule" - Bet it EXEMPTS the BANKS. How about Investors who purchase an REO ? Refi's might be back if the UW criteria would loosen up, but first let's jack the rates. What is with the discrimation lawsuits for having to have a credit score ABOVE FHA's guidelines of 580 ... min. of 620 + ? ... I did not see a book under my tree.

fledermaus: (December 27, 2010 12:39pm)

Remember the enemy of my enemy is my friend. I think NAR getting involved to the degree Frank and Brain mention is telling of what we're potentially facing here. Extinction is possible. And also consider come Jan 1, All loan originators working for a non-HUD approved entity who have active outside employment in a related field, such as Realtors, may now originate FHA loans. HUD approved entities are still restricted. The $725.00/yr Mortgage Broker license, when in FL only 1/7 have applied for in by December looks like an endangered species...

W.R.Buchanan: (December 27, 2010 12:22pm)

5Pence: We all will stand, but with the banks controlling congress we need to get infront of as many of the new unpolluted members as possible as quickly as possible to put a monkey wrench in their machine. Also outing as many of the bank shills as possible to media outfits like O'Reilly, CNN, CNBC and MSNBC wouldn't be wrong. There are many at those other networks who are pretty anti bank, and they are the ones who need to be gotten to. Also trolling for any dirt on any of the senior banking committee members would give us some much needed leverage, as it is doubtfull they will step up against their paying constituants,(banks) unless they are shamed into doing it. We need to get just as nasty as the banks are getting with us. We have a very short time frame left and if we don't succeed, we are done as a profession by the end of 2011, and that goes for MB's and RE Agents too! Randy

5pence: (December 27, 2010 11:52am)

Banks are starving us and perfecting their scam, on us. Is no one going to stand?

GODLIKE: (December 27, 2010 11:31am)

Well so far in my research into Red Flag rules it's 3 to 2 as to whether Brokers fall under it. "It depends. A "creditor" includes any person who "regularly arranges for the extension, renewal, or continuation of credit. I've found statements like this "For example, mortgage brokers, auto dealers, or retailers that regularly collect or process credit applications for third-party lenders are creditors under the Rule." and then statements that specifically say Brokers are exempt because they don't extend the credit. The front end portion of the Red Flag rule where they talk about us trying to spot people who are trying to get credit thru identity theft seems like would apply to every business who performs any type of credit sales, even credit cards.

bobc2799: (December 27, 2010 9:48am)

Regarding the survey, working together-absolutely yes! Uniting-no! Competition keeps people from getting lazy.

GODLIKE: (December 27, 2010 9:36am)

It would make sense Brokers would be included in Red Flag rule except for the portion about monitoring accounts since we don't keep any accounts.

GODLIKE: (December 27, 2010 9:35am)

NUKE EM and all the Brokers I know of are planning on staying brokers as well as a number of Net Branch people looking to come back to Brokering now that they can get FHA thru their wholesalers.

GODLIKE: (December 27, 2010 9:33am)

I was doing some RED FLAG digging to see what I had to do and according to several definitions I found Mortgage Brokers were exempt. Is this correct? Most of the act seems rather easy and a good idea. It's basically setting out the different ways you'll look for people trying to commit identity theft.

Nuke 'em Until They Glow and Shoot them In the Dark: (December 27, 2010 9:32am)

@GODLIKE Ditto on NAMB I have refused to join because of mandatory local chapter membership which like @DCinFL was completely out of touch with the broker. @fledermaus yes we do need to unify because if realtors like the crappy service and blown deals that Retail banks offer they will only get more of it and if NAR would quit treating LOs like red headed step children that would go a long way towards unification @GODLIKE on Brokers leaving I don't know of any Brokers planning on staying in business into 2011. They are either becoming correspondents or getting out of the business.

GODLIKE: (December 27, 2010 8:41am)

Oh and NAR was the enemy in Texas when it came time to build our mortgage brokers license. We built a system that very closely looks like the present day SAFE act in that all classes and training were mortgage related and NAR successfully fought us and got the license worked so that Realtors automatically were able to be licensed with their education. All mortgage education classes disappeared and your continuing education classes for your RE license was all that was needed.

GODLIKE: (December 27, 2010 8:37am)

It wasn't that NAMB didn't support the issues that mattered to us, it is that they required membership in a local chapter. There was no standardization of issues at the local level and the local chapters were all over the board as to what they believed in or supported. Over and over members and ex-members asked to be able to join without supporting the local level and we got a great big wall of silence.

DCinFL: (December 27, 2010 8:13am)

The NAR is not the enemy nor should they be involved in issues that dont support the interests of its DUES PAYING members. The NAMB failed to grow its memebership and support the issues that are important to mortgage brokers. The NAMB could learn a lot from the NAR.

GODLIKE: (December 27, 2010 7:35am)

bmcdonald where is your proof most of us work for correspondents? Just about everyone I know is still working as a broker. They few that are no longer brokers are no longer in the industry.

GODLIKE: (December 27, 2010 7:33am)

If past experience with NAR is true then no matter what the issue they will truly only represent the Realtors and throw everyone else under the bus

bmcdonald: (December 27, 2010 6:51am)

Most of us NOW work for Correspondents Lenders or FDIC insured banks. What has happened to BROKERS to be something akin to a bad car wreck. No doubt they have been victims of legislative and regulatory BULL poop. Today, it's best to work for a Correspondent lender which is basically one of the larger brokerages that flourished and grew enough to obtain a warehouse line. An aggressive and Originator friendly Correspondent operation has many advantages over the regulatory handicapped brokerage channel. Additionally they tend to take better care of their Loan Originators than the big national FDIC insured banks. The broker channel is on life support and who wants to work for the Evil empire? It would seem that their is a large VOID in the lobbying segments. Seems that there should be an organization to support Brokers and Correspondents together as their interests often differ from FDIC insured banks. Together they might be a powerful VOICE....more akin to NAR.

fledermaus: (December 27, 2010 6:25am)

As a Mortgage Broker AND Real Estate Broker. NAR's power to protect it's sandbox is LEGENDARY and a thing of Beauty to behold. In detailing how MTG Professionals have been SCREWED and Scapegoated... Realtors, all look at me and ask How/Why? I say because MTG Broker, Appraisers, Loan Officers ARE NOT organized! An therefore have no legislative clout! Banks will destroy us, or NAR if they could. NAR has always stopped them... We've been 'rag dolls' getting manhandled as Mtg professionals (and you appraisers too). You are all insane not to unite and get serious about a united front. You know the saying "divide and conquer?" It works- and the last 2 years legislation proves it.

deblakeley: (December 27, 2010 6:20am)

I agree with Ben. The NAR is looking out after themselves and not us. Which, I reckon, is supposed to happen. Yes, maybe joining the NAR or local board may help our causes. I have written my Congressmen but don't expect anything to change.

ben: (December 27, 2010 5:54am)

NAR would support what is going on with our commissisions and has. They would be the last organization to band with. They are about Their agenda - not ours. Since their Realtors Commissions are not being touched and it is presented to the public that cutting our pay is a way for consumer to get a better deal on the Mortgage loan. They would throw us under the bus in a secound- Please do not be so naive!!!

rob: (December 27, 2010 5:32am)

The NAR is very well organized and has an ear in DC. The best thing to do is have all the mortgage folks become members of the NAR