Fed Rule Just Another Bank Bailout - 02.04.11
Today's Poll: Do you see the new Fed Rule as another bank bailout?
Yes
No
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PAUL WILLINGHAM: (February 08, 2011 1:38pm)
Chuck. When HVCC first came out I felt that it violated a number of antitrust laws and filed a complaint through the DOJ. The DOJ initially agreed with me but after some deliberation and probably conversations, they decided not to pursue the matter. When I asked them to explain their decision, they simply said that they did feel they should move on the matter at this time. So, While I agree that this too smacks of depotism and back room polictics, I doubt that we get help from the government. Perhaps law suits may work, but the fox to leave the hen house probably won't work. I think I'll change my screen name to JADED.
Lefse2409: (February 08, 2011 1:22pm)
Chuck@HRC: that news article is about a totally different set of rules. The FRB has stated that these 3 rules have nothing to do with the big one coming on April 1st concerning originator compensation. That is still going forward as far as anyone knows. I still think this is illegal, based on anti-trust issues, and the FTC needs to get involved in the fight. I believe there are significant grounds for a class action lawsuit. Not only are the broker companies and broker loan officers harmed, but the banker loan officers are equally harmed. Only the banker company prevails, as they can now pay minimum wage while still receiving dual compensation for themselves (SRP + consumer fees). The anti-trust allegation comes from the fact that the broker and banker compete directly for the same consumer's business, and yet the banker company can receive dual comp but the broker company is treated the same as the broker LO and is prohibited from dual comp. Unfair trade advantage per FTC rules.
Chuck@HRC: (February 08, 2011 6:17am)
TO ALL: As Brian and Frank were preparing this February 4th video, the Fed was issuing an announcement regarding the April 1st Reg. Z rulemaking (even with Mr. Mondor's response). THIS IS THE DEFINITIVE STATEMENT ABOUT UPCOMING L.O. COMP: http://www.federalreserve.gov/newsevents/press/bcreg/20110201a.htm. I also have a couple of questions: 1.) How many hundreds of thousands of dollars in compliance costs (think legal fees, systems design costs, etc.) have been racked-up in anticipation of implementation? 2.) How much unnecessary harm to the LO/Employer relationship has been caused?
Koolaidspitter: (February 07, 2011 7:17am)
Can someone confirm that Andrew Coumo was actually a board member on one of the largest AMCs just prior to HVCC going into effect?
commonsense: (February 05, 2011 9:18pm)
This is the most F$#@% up bussiness I have ever seen. It really is pitiful. The mortgage business people have fought hard but are lead by Donkeys. Criminal charges will eventually come to those who are in charge of the policy making. Investigations must made. They are incompetant. What a miserable business. ALL savy U.S. bussinessmen are finding other ways and countrys to get and make their money. A shrinking business pool here and no wonder. You see they don't argue they just LEAVE!!!!!!example: California (nuff said)
doitright: (February 05, 2011 2:49pm)
54 days left and it is all Over think of hedging on a stock that trades against the real estate market improving SRS is one them , good luck to all the brokers and bankers that are leaving the undustry on April 1 ............. you should have done a strike and co operated rather then fight among us .......now look who will win
Noel Cookman: (February 05, 2011 5:52am)
I'v had 2nd thoughts about the STRIKE. Even though it would be disorganized and lack central negotiations, the fact is - Once our income reaches $0, we ARE on stike. Then, it's too late. I was with a focus group of brokers a month ago. They said they could adjust to the new changes. All I could think was - these guys have no idea what's about to hit them. It's human nature - we tend to ignore the warning signs and hang on. After all, how many of us can easily simply switch careers without a lot of adjustment pains?
michaeljz: (February 04, 2011 4:26pm)
I've read this entire thread and now made a drink. I say let's TAKE IT TO THE STREETS!
Colorado Broker: (February 04, 2011 3:42pm)
typo an Egypt not and Egypt
Colorado Broker: (February 04, 2011 3:41pm)
Its pretty much official that Wells Fargo will be cutting out its wholesale channel. I think that the small mortgage brokers without a warehouse line or a joint venture with one of the big banks will be a dead industry. This Country and the Big Corporations are in bed together for total control and unless the entire Country pulls and Egypt there is no stopping them. I'm afraid that 2012 will not come soon enough and now with Fannie and Freddie given Rule Making Authority and exemption from Financial Reform we are going to be in for many surprises. I for one am going on a job hunting trip this weekend and will say goodbye to an industry that I have been in for over 25 years. Good luck and God Bless everyone.
St Pauly Girl: (February 04, 2011 3:32pm)
Noel Cookman- I agree with your comments...the Fed's response is ugly! RE: Fed commentary on the form letter: Why wouldn't we use a form letter (uniquely and independently signed) if it addressed all important points! Why reinvent the wheel???? I'm disgusted that the FED would disregard and label "spam" the concerns of it's citizens and taxpayers. I'm glad it was annoying for them...Let's keep it up. We derserve clarification and proper consideration.
St Pauly Girl: (February 04, 2011 3:24pm)
McKinney Kathy- you do not need to be licensed originator to do contract for deed type loan option on your own home. Sorry for the delayed respsonse to your question earlier...
voltaire3: (February 04, 2011 3:17pm)
Ah come on Paul, BE MY VALENTINE!! You used to work for the Mortgage Bankers Association. It says here on your old card; Senior Director, Regulatory Affairs, Residential Finance/Government Agency Relations. I just happened to find this in my Roledex. Must have meet you in one of my trips to Washington but I don't remember what you look like. Hey, I'll take my chances be my Valentine anyway! Don't hold gruges, come let's make up and be friends. Do you really want me out of the business, do you want all the mortgage bankers to go away. Your mission is vengence. You were not offered the executive director's job for the MBA at $1.5million per year and now it's payback time. You might not have the money but you got the POWER soooo who'll pay... in the final analysis? The industry and the consumer. What is your driving force... originators are evil and rip offs. Not a decent one among them. Forget all that Paul... Be my VALENTINE!!
GODLIKE: (February 04, 2011 1:00pm)
The reason for the return to the OTC market? I'm told it's because of the new Congress. They were unsure what the old one would be cranking out and they feel that the new one is more predictable. They said they needed to be able to forecast a year into the future to be able to offer this product and they weren't able to do that with the old guys.
GODLIKE: (February 04, 2011 12:59pm)
I'm stoked! Now all I have to do is be sure I can be paid for my work.
GODLIKE: (February 04, 2011 12:58pm)
We were just about the biggest One Time Close lender in the state of Texas a couple of years ago and then suddenly everyone quit offering it. Today I got a call from one of my old sources for the OTC and they want us to give them a couple of test cases so they can get their policies and procedures back online.
GODLIKE: (February 04, 2011 12:56pm)
I'm seeing a lot more lenders trying to court me, they all say this compensation thing is just a speed bump and it doesn't change the cash flow. BUT they all have a different idea of how to handle it. Many of these lenders are offering some products just a little off center of what we've been able to offer for the past 2 years. I have 2 lenders that say they will be offering FHA down to 580 scores in a couple of weeks.
Mike8307: (February 04, 2011 12:39pm)
You are going to see new lenders come into the picture. There is too much cash sitting out there not making any return for good quality borrowers to be those left holding the bag and paying for the sins of those that came before. 680 to 700 and above, assets and cash flow. This will open the door to TRUE Alt-A programs for the self-employed, or small business owner. There is quiet a bit of pent up purchasing power from those who make a nice income and pay good CPAs to show that they don't, to be matched up with people who do not trust the stock market, muni bond market and who do not want to be earning 1.125% on a CD. We need to break the idea that only the government and GSEs can effectively serve the mortgage market. It's out there.. somewhere.
W.R.Buchanan: (February 04, 2011 12:18pm)
Really guys: I think it should not come as any surprise whatsoever that your buddy at the FED isn't willing to come to the table and talk about their "purposed",,, er "cut in stone" changes? This is just one more step towards the banks taking over the housing business. I suggest you start bombarding all congressmen and senators and particularly Darryl Issa'a office with these same questions and maybe the Congressman will launch an investigation into the FED's Practices. If you think the FED which is made up of members of the major banks is going to do anything other than what the banks want done, you are either completely naive or completely stupid. And if they were willing to listen to us in any way, then THEY would be completely stupid. cuz any one who would give up a position of such power is not acting in his own best interest! If you think these simple minded approaches to shaking these guys loose are going to work, you're a fool. Find another way. Dirt is always convincing!
GODLIKE: (February 04, 2011 12:02pm)
Paul, TBWS did a video on the fee increase a little while ago & I think the "optimum" credit scores and loan to value is now 75% LTV at an 800 credit score. All others get some kind of hit.
Sea2Summit: (February 04, 2011 11:54am)
It's pretty obvious that this government is in bed with the big banks. They're so focused on screwing over the broker community they don't seem to care what their consequences will be. From stuck troubled assets to less and less of the population being able to borrow, it looks like this real estate economy is going 3rd world. When's the next election?
PAUL WILLINGHAM: (February 04, 2011 11:20am)
Did you guys see this? Fees for home mortgages increase For the first time since 2009, Fannie Mae and Freddie Mac are raising risk fees charged to lenders on loans they buy for resale to investors. Fannie and Freddie also are adding risk fees to more loans offered to borrowers with exemplary credit. Although lenders could absorb the cost, most are expected to add the fees to loan costs. MAKING SENSE OF THE STORY To avoid a fee or to receive a discount, most borrowers will need FICO scores of 740 or better and down payments of at least 25 percent. The fee increases likely will affect most loans with terms longer than 15 years that are sent to Freddie beginning March 1, and to Fannie beginning April 1. The most notable aspect of the fee increase is that the fees are being added to more loans to borrowers with higher credit scores. With few exceptions, risk fees previously hadn’t applied to borrowers with FICO scores of 740 or higher. Here's the link to the full story: http://www.usatoday.com/money/economy/housing/2011-02-02-mortgages02_ST_N.htm
Evil Genius: (February 04, 2011 11:13am)
justsomedad: I have numerous videos all about the Fed on my website. And in many ways you're right about working for them. But, even thogh not a formal part of our government, they are as powerful if not moreso, because they are currently using the federal government to do their bidding. Now, the way to combat this in the mortgage industry is to get private investment re-involved with a good plan. Of course we can't invent a new currency to replace the fiat US dollar, but the dollars already in use can be re-directed towards the mortgage industry. We the People need to stand up to the asset managers and banks controlling our deposits and pensions and tell them to stop securitizing, leveraging and gambling with our homes. Mortgage notes should be banned for use as sources of securitization. Then and only then will we stabilize the housing market. Let the banks play in other sand boxes. http://realestatemarbles.com/newgeneration tab to edification videos.
barbara: (February 04, 2011 11:02am)
doitright, a strike wouldn't work because all the bank LO's would keep right on doing loans. . .not very well, and not terribly fast, but doing them.
tmyke0977: (February 04, 2011 10:41am)
I have a question regarding our wonderful communist compensation package coming on 4-1-2011. Here is the scenario: 300k loan, no cash out refinance, SFR Detached. As a broker we contract with a lender to receive 2pts YSP on all loans we deliver to them. This loan is expected to be at 70 LTV. The borrower has a 700 mid credit score, however the actual value of the home comes in lower than anticipated. Now the LTV moves from 70 to 76. Who now pays for the additional risk based pricing increase from .500% to 1.00%. According to the new rule, as L/O's and brokers we cannot credit any of our 2% YPS back to the borrower to help with this increased risk based fee. So it would seem the borrower would either have to finance this extra .500% into the loan or bring it to the table. Please comment.
GODLIKE: (February 04, 2011 10:04am)
Seen this guys? http://www.housingwire.com/2011/02/03/zandi-supports-foreclosure-claims-fund-financed-by-mortgage-business Whatcha wanna bet that Brokers will need to contribute to that fund and yet we have ZERO control over the foreclosure procedures.
GODLIKE: (February 04, 2011 9:52am)
Inadvertant bank bail out?
doitright: (February 04, 2011 9:36am)
a STRIKE would work .Why do people say bank loan officers would not strike . All bank loan officers are getting hit also on April 1 . By the way the banks did not design this to get rid of brokers at all. The profit margin as a broker to them is fantastic , I do not think you would find one banker stating they have tried to cut the broker off. Why do you think they have the funds to pay account reps? Broker business is profitable. I will admit brokers had been made to look as the scape goat to the NINA problem , but take one account rep pay them 70 grand and get 90,000,000 in deals pay no benefits to loan officers , have underwriting skim through the case and close it . Perfect business model , stop stating the banks want this , it is your Congressmen sleeping with is same sex aide that wants this . Sorry Barney ! NOW LET US SHOW THEM WHO RUNS THIS SHOW AND STRIKE ON APRIL 1 !!!!!!!!!!!!!!!!
McKinney.Kathy: (February 04, 2011 9:26am)
I am a Realtor and have a client with a question about the SAFE Act. If they own a property and sell it with an owner financed private mortgage, are they responsible to be licensed under the SAFE Act and are they required to provide GFE & TIL disclosures? From everything I can see SAFE only requires "Compensated" Loan Originators, but I wanted to make sure. I would appreciate your input. Thanks
PappyBoyington: (February 04, 2011 9:26am)
Paul, you don't like being bugged now 2/3 of the way through? Well, it was being brought up a YEAR before, and you didn't seem to give a darn. http://mortgagegrapevine.com/thread/?thread=580790
joecolorado: (February 04, 2011 9:14am)
@ND Lender-dont be misled by the stated fees by the amc....I can guarantee the amc is not doing ANYTHING out of the goodness of their heart and crtainly not for free.The appraisal fees have increased?If you telephone the appraiser and ask him/her what S/He was paid you will probably find its not what was charged.(I am aware that the amc's have a clause that appraisers are not permitted to discuss fees with anyone.......I know why....dont YOU wonder why this is an issue?)so please dont go blaming the appraiser for the increased fees,follow the money before generalizing on increased borrower cost.
Colorado Broker: (February 04, 2011 9:11am)
Has anyone heard if Wells is exiting the wholesale broker channel? The banks were all in on the whole mess so they could control the industry and get rid of all the brokers.
cgappraisals: (February 04, 2011 9:06am)
What comes out on April Fools Day will all be for the banks and government control of our fees. This year is the first year I have only 1099's to send in for taxes. I can't get paid until 60+ days later after sending all my invoices in. AMC's tell us they help us with our invoicing, only now I have to wait till the first of the month to send them. I don't see any help, I still have to invoice, but now at 1/2 normal fee. The vaccum is on low and is just waiting to turn on high for the big cash. Now with everyone getting the pinch, we just might have a day we all strike together. Government is out of control and not for the people its suppose to protect and serve.
Noel Cookman: (February 04, 2011 9:05am)
@ND Lender. I agree that a strike could have some impact. But, to what end? That is, if and when we strike, who is at the negotiating table with whom? To whom would the President/Congress/Fannie/Freddie/Fed respond? What would have been our "demands?" Where is our "contract" clearly articulated? What would I say to my referral sources as I tell them, "I will not do loans for your clients until blah, blah, blah?" And where do I go to get another referral source when that realtor / cpa / past customer simply moves on to the LO that didn't go on strike?
5pence: (February 04, 2011 9:00am)
The FHFA was looking for public comments before implementing HVCC. They obviously never read the 100's of thousands of comments sent to them - so yes, they said they'd take comments but they didn't say they'd read or consider them. It's the same thing with you guys. We had 2 appraisers that were in Congress writing the language of the FIN/REG bill about appraisers and AMC's. Nothings changed. Appraisers met with the Fed on more than one occasion and nothing has changed. NAMB fought for appraisers but the objection to HVCC was thrown out because the GSE's are in conservatorship and the GSE policies can't be challenged in a court of law. They weren't listening then and they're not listening now, the bank plans are already in place and nothing will change them - nothing. Nothing short of action, that is. But, you guys haven't learned from the appraisers efforts and are therefore doomed to repeat them. I wish you guys would face reality and stop selling hope as a solution. Ed out.
Noel Cookman: (February 04, 2011 8:55am)
Like the frog in the kettle, we have slowly been boiled nearly to death. Who knows exactly when the exact moment of death will come? For the past 11 years I've been in the mtg biz, each time a stifling regulation would come down, the optimists amongst us would say "Quit whining. Get used to it. Make adjustments. It's not the end of the world." And they were right . . . but only in the short term. Someday soon the optimists will once again say "Quit whining. Get used to. Make adjustments AND CHANGE YOUR LINE OF WORK." This is my problem with short-sighted optimism. It's myopic and just goes along to get along with all the other like elements in society until larger and larger segments of our culture have been surrendered to the tyrants. [I don't use that word lightly or as a mere casting of aspersion.]
barbara: (February 04, 2011 8:53am)
We need a simple, to the point video from the TBWS guys that we can forward to the media. How the public is again being ripped off by the big banks. Reading about it will just make their eyes glaze over. Come on guys, are you up for it?
ND Lender: (February 04, 2011 8:49am)
Realtor's make 6%-7%. My bro is a Personal Injury attorney - they charge 33% - 40% + costs. LO's paper work load, Con't Ed, Licensin has increased 10 times what it was 5 years ago - but the compensation should go "down". Makes sense - sounds like the Gov't at full throttle.
Noel Cookman: (February 04, 2011 8:46am)
@justsomedad: You make a good point about the ubiquity of the Fed. But, it does not apply solely to mortgage professionals. Inasmuch as you are forced to purchase with Fed notes (dollars) and probably only take Fed notes (dollars) as payment for goods or services (even if you work for McDonalds), then you - no matter who you are - are likewise "controlled" by the Fed. "Paper money?" Of course. But, it's also called currency. Would bartering our own goods and services - vs. exchanging currency - work better for you?
Mike8307: (February 04, 2011 8:43am)
The media? The Lame Stream Media? LOL.. you must be joking. According to them we're the problem, not the banks, not the FED, not the mandates from the Gov't that said everyone should have a house regardless of ability to pay. The media used to be the watchdogs of the republic, now they're the lapdogs of those looking to grind America down. Haven't you heard? Bad news is great for ratings.
jc36: (February 04, 2011 8:40am)
What I love about all this crap that is going on is it shows what liars this governement really is. They talk about creating jobs but the only thing I see is them killing jobs. I guess their secret plan it to make us all work for banks which it looks like they will all be ran by the governement with a fews years. So that will make us all governement employees. Man I love this governement we have at the moment. I hope all you that voted in 2008 are happy with this!
Big Mac: (February 04, 2011 8:28am)
The part that scares me the most about this is the fact that the government is curtailing my income. Who are they to tell me what my expertise and service is worth to a customer? I could possibly understand that they would want to curtail the overall cost to the borrower, but to just limit the LO's compensation is the ultimate screw the little guy tactic. Isn't that who Frank and Dodd and their political party claims to represent... the little guy? Not to mention that this is an extinct threat anyway, what program can I possible steer anyone to to make a significant difference in compensation? FHA is a little better priced, but not like the sub-prime loans were. This issue is old, and already handled by the marketplace at this point. This truly is just another bailout.
barbara: (February 04, 2011 8:12am)
Oops, I meant to say to "compete" with the banks. My fingers are frozen down here in So. Texas.
barbara: (February 04, 2011 8:11am)
The only way to stop this is to use the media. This is a complicated problem. People won't care that their loan officers are being paid less because they already think we're overpaid. But if major media types would realize that banks have used this law to keep us from lowering our compensation to complete with them, maybe, just maybe, we'd stand a chance. the Fed doesn't give a fig!
USofDumbamerica: (February 04, 2011 8:08am)
The gov't has absolutely got your back (SIDE). As in, bend over and prepare for the worst. HVCC complaints, C&R Fee complaints and now the newest worst nightmare for lo's and brokers complaints all go into an UNMONITORED email account. I still love the work the TBWS daily guys did for us by showing up at Cuomo's office. They were met by bobble headed yes men/women with boxes of tissues in their hands who apologized for the "unintended consequences". Just remember, the robo bankers and bobble headed employees will suddenly turn against their beloved fail banks the SECOND they are no longer considered valuable assets.
ND Lender: (February 04, 2011 7:54am)
STRIKE!!! April 1, 2011
jason: (February 04, 2011 7:44am)
I just sent a real e-mail to Paul Mondor, and called him and left him a message. I will keep you posted if I get a response...You are either an originator that is concerned about this or you are a bank originator that is scared of the competition!
mark: (February 04, 2011 7:32am)
the FRB needs to get off their high horse and listen the the AMERICAN PEOPLE. Are they that dumb that they do not see the we are not going to take this lying down? Are we going to just rool over and die or are we going to fight? Marc Savitt is correct - keep pushing the buttons, keep complaining. My gloves are off and my seering email about Mondor and the FRB's incompetence just went out. I did not hold anythig back and I'm not politically correct. Dont accept their lame excuses. We have to hold them accountable -
justsomedad: (February 04, 2011 7:20am)
Stop Whining!!!!! We all make our livings handing out play money. The Fed prints it, and we distribute it. If you don’t like the Fed controlling your compensation, stop working for them.
Broker in RIC: (February 04, 2011 7:17am)
Amen, Jason.
jason: (February 04, 2011 7:03am)
I agree with Frank! I use my compensation all the time to undercut the bank. This is how my business is grown over these hard years. That may not be possible going forward. The new GFE was supposed to make it easier for people to shop, and every lender has limits on YSP. I think something should be done on people always charging 4 points to a client. That being said, who looses when I can beat the bank and make 1.8 points. I am also liable now for my foreclosures on a personal level with my individual NMLS number. Seems like to me they should have just maybe tightened up the max YSP available. This move would make more sense for the consumer and still keep the banks honest.
ND Lender: (February 04, 2011 6:56am)
Appraisals - since the appraisal change came out - all we hear is how the appraiser can't stay in business. Our market may not be similar to any other. But since the Appraisal Change came out - our appraisal fees have jumped from $375 to as much as $1,000. Most in the $650 to $750 range. And the AMC keeping only $50 - $100 of that. I can't imagine how appraises are making it :(
Adam Miller: (February 04, 2011 6:44am)
@doitright..a strike would work except the banks have retail locations. Long story short, interest rates will be 2% higher and closing costs will double by the end of 2011. I personally think every LO should declare "bank"-ruptcy on 4/1/2011.
Fundem: (February 04, 2011 6:40am)
Brian- this is not unintended at all; remember the Fed is PRIVATE and is owned by big banks- bye bye broker.
DPRO: (February 04, 2011 6:38am)
I'm certain if you share this with your viewers, that there will be a definitive understanding regarding the FED, all information is true, and verfied....enjoy......http://www.wtv-zone.com/Mary/BIGGESTSCAMINHISTORY.HTML
BigJ: (February 04, 2011 6:25am)
I have to agree with GaryP...everything that could be done has been done and it's time to move on and figure out how to do business!!! And Frank...REALLY !!! "We won't be able to lower our rate to compete with other LO's"...did you really say that? Do you think the FRB is that stupid to think that is what our arguement is? They have to be laughing at us while have their tea and crumpits. I am not a fan of the FRB, but they know damn well we are upset because can't continue charging excessive fees,3 to 5 pts. per deal, just because we can. The FRB is not going to change this ruling!!! So it's time we put this one to bed and find a way to make a living in the new environment. There's a great book out there written by Dr. Spencer Johnson, " WHO MOVED MY CHEESE"...I think it would do everyone well to read it. Because, "there is no cheese at cheese station C"!!!
justsomedad: (February 04, 2011 6:10am)
Attention: Loan Officers The product you are selling is manufactured solely and exclusively by the FED. It is trade marked, and proprietary. Therefore: Let It Be Known. The FED claims absolute, unquestionable, authority over every possible aspect of your operation. Therefore LET IT BE WRITTEN STOP your foolish Protest at once. The FED Owns You. Resistance is futile.
Ezradams: (February 04, 2011 5:52am)
USofDumbamerica, You are SO RIGHT! I could not have said it better myself. Appraisers have been getting screwed since May 2009. The Federal Reserve Board is about to make a final ruling that our customary and reasonable will be "market driven." Market Driven!!!! Are they crazy? By the way, there were about 850 legitimate responses to the interim final ruling from appraisers and other interested parties supporting Dodd-Frank's fee schedule approach to customary and reasonable. (Only about 25 responses from banks and AMC's) Guess which way the Federal Reserve Board will rule. Talk about disingenuous!
ben: (February 04, 2011 5:41am)
We are Screwed!
GaryP: (February 04, 2011 5:40am)
doitright: I didn't say anything about a lack of volume. I'm busier than I have ever been, mainly because of exactly what I said. I'm simply not sitting around moaning about how abused I am by the gov. I look at it as an opportunity to grow my market share, increasing my volume, and thus offsetting any loss in compensation resulting from the Fed rule. I think there is way too much wishful thinking going on in the industry instead of dealing with reality. This is going to happen eventually, regardless of anything that SBA, NAIHP, NAMB, or MBA does or doesn't do. Even if it is delayed (unlikely), they're just delaying the inevitable. It's oing to be shoved down our throats, whether we like it or not, regardless of how many emails we write, and I have written my share too. "When you're given lemons, make lemonade." For the record, I am a LO, not an appraiser.
USofDumbamerica: (February 04, 2011 5:06am)
Welcome to the party...we appraisers have been demolished these last 12 mos....Cust&Reasonable fees the law says...DAM THE TORPEDOES the banks say...delay the law they request and poppa fed says SURE.... How ironic now this latest assault on the small business operator happens to fall on April 1, 2011. The same date that the NEW customary and reasonable fee law is supposed to be implemented. Here is what will happen on April 1, 2011: NOTHING Banks got to smoke off the appraiser fee crack pipe and they LOVE the high. Next up is YOU GUYS....and I understand the high they will be getting from you is 1000 times better than a paltry 50% of our meager $350 fee.
doitright: (February 04, 2011 4:37am)
Hey GaryP put your money where your mouth is. Your lack of volume is beacause exactly what you said , the Realtors will use someone else that will write the deal. Is that how and who you are counting on for your next deal ?You get your deals from Realtors only ? Well keep writing your letters , dont be upset that I am right , it is a waste of time the politians think it is great PR to slam loan officers . I thought you are an apprasier from some of your prior ten zillion posts! Oh wait that must be someone else you are too busy writing deals! LOL Take it easy
GaryP: (February 04, 2011 4:17am)
Noel: Regardless of whether Dodd/Frank is repealed or not, we'd still be left with the Fed rule. The two are entirely separate. The last time I checked, the Fed was an entirely independent body and not under the jurisdiction of Congress. Besides, a repeal, just like Health Care, will never get through a still Democrat controlled Senate. Bachmann's bill is just yet another symbolic, and politically motivated, gesture by the Republican's, just like the bill to repeal Obamacare.
Divedude: (February 04, 2011 4:16am)
Emails getting in the way of Mondor's work? Too bad!! Has he respnded to any previous emails? Certainly not mine. If he called me disingenous to my face, he'd probably have to duck!. Keep the pressure up with some different emails. Let him see that we know what he's up to. Well, off to Mexico. Hold the fort guys!
GaryP: (February 04, 2011 4:10am)
doitright: Yea good luck with that idea. I'm sure that your realtors and other referral partners will be real happy with you for stopping them from making a living too. I'm sure that they will just go down the road to find a hungry LO that will be more than happy to do a loan for their present and future clients. I've seen our comp plan and while I'm not happy with it, I can still make a good living. I'm actually counting on picking up more business as a result of LO's like you and your attitude that will probably get out of the business. This is just the next stage of the regulatory change of our industry. Do I like it? Hell no! But, as they say, adversity brings opportunity. Instead of spending my days worrying about compensation, I'm spending them on figuring out how to capitalize on it. Will some already marginal LO's get out of the business because of the Fed rule like they did after SAFE Act? I sure hope so.
Noel Cookman: (February 04, 2011 4:00am)
Congresswoman Michelle Bachmann (R-Minnesota) introduced H.R. 87 on January 5, 2011 to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act, H.R. 4173. This is the act (I do think) that "codified" the LO Compensation malaise. Support the repeal. Plus, Bachmann is hot.
Noel Cookman: (February 04, 2011 3:56am)
Paul Mondor's arrogance is astounding. He is a reincarnation of a bureaucrat from 1960's USSR.
doitright: (February 04, 2011 3:06am)
Stop mentioning anything else , the subject everyday should be STRIKE ON APRIL 1 , please check all my previous comments I have been right on the money , letters get you no where and yes the investors will win , did we think elsewise? PLease all of us just refuse to write after APril 1 that will get Obama involved . If you dont housing is gone
setter: (February 04, 2011 2:20am)
Don't you numb skulls ever get sick of using the words "Bank Bailout". You're getting as bad as the lazy reporters who still call scandals anything-'gate'
mcrose: (February 04, 2011 1:11am)
Your guest representing American Home Sheild Seems nice enough but her company needs to be discredited for the sham that they are. I purchased AHS for my 4 rental properties and tried to make one claim and they denied my claim of a worn out electrical wire. A simple fix of that would have cost them less than 1/3 of my premium, but they turned it down because they said it was due to a improperly connected ceiling fan. There was no ceiling fan!! Anyhow I spent hours trying to explain the situation to anyone at AHS who would listen, but it was like talking to Citimortgage, a waste of everyone's time and money. At least send out another electrician on my dime for his service call, but they still refused. I now smell what they are shoveling at American Home Sheild and I hope you do too....