@desertjas Just got your message. I am sorry if my comments offended you. Brokers are very sensitive people as they should be since they will be in the credit repair business in the near future with the rest of their friends who have closed up shop.
Do you really think The Feds are worried about the little mortgage broker in this housing crisis? If the Feds really want reform, they need to place the same restrictions on the big banks as they do on the mortgage brokers. We’ve been saying this for years! THAT my friends is what this is all about!
Go into your local bank, ask the loan officer how much college he has? In fact, a loan officer in a bank up until now didn’t even need a license or any type of education! But you trust them & your documentation with your life!
Once this law goes into effect, There will be no competition for the big banks PERIOD. After all, the big banks are supposedly broke. They need to make it up somewhere! Why not eliminate the competition?Then wreak havoc on the consumer?
The Fed Reserve is targeting Mortgage Brokerage companies & will soon place us out of business by tying our hands behind our backs. As for education…many professions do not require college education. Many of us have degrees anyway, plus the countless hours of continuing education, test taking and many experiences learned in the course of business that NO classroom has ever taught.
Not all Mortgage Brokers are created equal. The real crooks got in the market during “the boom”, made their money and got out. The ethical companies like mine, who have been in business for 25 years are still plugging away trying to earn an honest living & educating consumers. We’re not still around because we’re been “ripping people off” or being unethical.
I work in the investment industry and I am mandated (by law) to only act in the best interest of my clients (RIA). The real estate industry has been allowed for years to conduct business almost unabated. There are few educational requirements to sell a home (you don’t have to go to college) and the industry standard for compensation is grossly overpriced. I have no problem with this new legislation. If your industry had been conducting itself ethically this law likely wouldn’t be in your faces.
I was in DC last week for the NAMB conference and it was very enlightening. That being said, I am kinda baffled why our lawsuit didn’t include the Fair Trade and Commerce act in the suit. It seems to me that the slugs over at the FRB are violating this act profusely. Name one other private industry in the USA where compensation is limited. Why are they not making car dealers/Best Buy disclose what they make behing the scenes?
@burtonboy790 your comment is typical of someone who doesn’t understand the legislation, the mortgage industry is not against legislation that increases transparency or benefits consumers but this legislation does neither. How is locking in the fee that you have to charge everyone a benefit to the consumer, I may be slow and want to cut fees to increase biz, can’t do that anymore, businesses need to be able to adapt to survive to dynamic marketplace this law makes that much more difficult
I think this sounds like a bunch of bullshit….we can”t credit a buyer a couple hundred bucks at closing…really….if this is who is representing us it’s no wonder we’re cooked like a turkey. The real issue is the FRB doesn’t want you charging 5 pts on a deal…and this is our best arguement??? Who put this guy in charge? I hope the law passes!!!!
Where oh where has justice gone? Why are all the Industries related to the Housing Market in this Country a target? Oh, I know, because the banks want to control the Real Estate Industry! They are trying to put us all out of Business!
Continued from the post below …
The large “member banks” go along with this scheme because they in turn lend the money out to all the other banks (at what is called the FED FUNDS RATE), and they get to keep part of the action!
The smaller/community banks then lend it out to consumers at various rates (most well-known is THE PRIME RATE) and keep part of the interest, so they too are in on the action!
Continued from the post below …
Prior to that every dollar printed had to have an equivalent amount of either gold or silver held securing that dollar. Look at dollar bills that were printed prior to 1971 it shows “Silver Certificate” at the top. Remember the gold reserves at Fort Knox? That was what they were for. Dollars don’t show that anymore.
So the FED prints this money and they charge interest on every dollar they print. (lent out at what is called THE DISCOUNT RATE)
The stock in this private bank is owned solely by a group of super wealthy European banking families. (you or I could never be allowed to own any Federal Reserve stock)
The result…. since 1913 every American citizen has become (in effect) a serf.
(the same year that congress created the IRS)
After taking our currency off the gold and silver standard during the Nixon administration the FED creates money out of thin air.
However, in 1913 the corrupt international banking elite (along with “progressive/liberal” Pres. Woodrow Wilson) hoodwinked our Congress into going along with the FEDERAL RESERVE ACT.
This act placed our entire financial system into the hands of a PRIVATELY OWNED BANK called THE FEDERAL RESERVE. (The name was intended to deceive! …the FED isn’t any more “federal” than is Federal Express!)
When I spoke to Tom McClintock (at the recent Townhall Meeting), I asked him directly if he support’s Congressman Ron Paul’s bill to AUDIT THE FED. He assured me that he does support it, and in fact, he is a signatory to the bill. McClintock went on to say that he is in favor of eliminating the FED altogether.
The Constitution states that “ONLY CONGRESS SHALL COIN MONEY” (aka: run our money system).
@njp1414 : obviously you can’t restrain yourself from making this personal and from using unclassy language. I don’t personally know the guy making video, but he’s doing more on my behalf than anyone else. So take your baseless comments elsewhere.
On April 1st, I will believe I will hold the only position in the private sector in the Untied States whose compensation, how I am paid and how much I am paid, will be regulated by the federal government. Is that legal? Is it constitutional?
I am a mortgage professional in CA and I am a memeber of NAMB, CAMP and NAIHP. I believe that the reverse mortgage professionals have brought suit as well and I am hopeful that this will be delayed or stopped. If not, we are getting prepared to work within the rules as we understand them. That is the issue, the fed has not done a very good job at explaining how it works and parts of it are terribly written.
There should be thousands of lawsuits against the Federal Reserve Board brought by individual Mortgage Companies. There has to be a grass roots movement.
@desertjas Just got your message. I am sorry if my comments offended you. Brokers are very sensitive people as they should be since they will be in the credit repair business in the near future with the rest of their friends who have closed up shop.
Do you really think The Feds are worried about the little mortgage broker in this housing crisis? If the Feds really want reform, they need to place the same restrictions on the big banks as they do on the mortgage brokers. We’ve been saying this for years! THAT my friends is what this is all about!
Go into your local bank, ask the loan officer how much college he has? In fact, a loan officer in a bank up until now didn’t even need a license or any type of education! But you trust them & your documentation with your life!
Once this law goes into effect, There will be no competition for the big banks PERIOD. After all, the big banks are supposedly broke. They need to make it up somewhere! Why not eliminate the competition?Then wreak havoc on the consumer?
The Fed Reserve is targeting Mortgage Brokerage companies & will soon place us out of business by tying our hands behind our backs. As for education…many professions do not require college education. Many of us have degrees anyway, plus the countless hours of continuing education, test taking and many experiences learned in the course of business that NO classroom has ever taught.
Not all Mortgage Brokers are created equal. The real crooks got in the market during “the boom”, made their money and got out. The ethical companies like mine, who have been in business for 25 years are still plugging away trying to earn an honest living & educating consumers. We’re not still around because we’re been “ripping people off” or being unethical.
I work in the investment industry and I am mandated (by law) to only act in the best interest of my clients (RIA). The real estate industry has been allowed for years to conduct business almost unabated. There are few educational requirements to sell a home (you don’t have to go to college) and the industry standard for compensation is grossly overpriced. I have no problem with this new legislation. If your industry had been conducting itself ethically this law likely wouldn’t be in your faces.
I was in DC last week for the NAMB conference and it was very enlightening. That being said, I am kinda baffled why our lawsuit didn’t include the Fair Trade and Commerce act in the suit. It seems to me that the slugs over at the FRB are violating this act profusely. Name one other private industry in the USA where compensation is limited. Why are they not making car dealers/Best Buy disclose what they make behing the scenes?
@burtonboy790 your comment is typical of someone who doesn’t understand the legislation, the mortgage industry is not against legislation that increases transparency or benefits consumers but this legislation does neither. How is locking in the fee that you have to charge everyone a benefit to the consumer, I may be slow and want to cut fees to increase biz, can’t do that anymore, businesses need to be able to adapt to survive to dynamic marketplace this law makes that much more difficult
I think this sounds like a bunch of bullshit….we can”t credit a buyer a couple hundred bucks at closing…really….if this is who is representing us it’s no wonder we’re cooked like a turkey. The real issue is the FRB doesn’t want you charging 5 pts on a deal…and this is our best arguement??? Who put this guy in charge? I hope the law passes!!!!
Where oh where has justice gone? Why are all the Industries related to the Housing Market in this Country a target? Oh, I know, because the banks want to control the Real Estate Industry! They are trying to put us all out of Business!
Continued from the post below …
It is all basically like the Sicilian mafia running a town. ….no different! ….it’s a totally corrupt system!
Why should our nation have to pay even one red cent in interest to anyone outside of the government for printing our currency?????
Continued from the post below …
The large “member banks” go along with this scheme because they in turn lend the money out to all the other banks (at what is called the FED FUNDS RATE), and they get to keep part of the action!
The smaller/community banks then lend it out to consumers at various rates (most well-known is THE PRIME RATE) and keep part of the interest, so they too are in on the action!
Continued from the post below …
Prior to that every dollar printed had to have an equivalent amount of either gold or silver held securing that dollar. Look at dollar bills that were printed prior to 1971 it shows “Silver Certificate” at the top. Remember the gold reserves at Fort Knox? That was what they were for. Dollars don’t show that anymore.
So the FED prints this money and they charge interest on every dollar they print. (lent out at what is called THE DISCOUNT RATE)
Continued from the post below …
The stock in this private bank is owned solely by a group of super wealthy European banking families. (you or I could never be allowed to own any Federal Reserve stock)
The result…. since 1913 every American citizen has become (in effect) a serf.
(the same year that congress created the IRS)
After taking our currency off the gold and silver standard during the Nixon administration the FED creates money out of thin air.
Continued from the post below …
However, in 1913 the corrupt international banking elite (along with “progressive/liberal” Pres. Woodrow Wilson) hoodwinked our Congress into going along with the FEDERAL RESERVE ACT.
This act placed our entire financial system into the hands of a PRIVATELY OWNED BANK called THE FEDERAL RESERVE. (The name was intended to deceive! …the FED isn’t any more “federal” than is Federal Express!)
When I spoke to Tom McClintock (at the recent Townhall Meeting), I asked him directly if he support’s Congressman Ron Paul’s bill to AUDIT THE FED. He assured me that he does support it, and in fact, he is a signatory to the bill. McClintock went on to say that he is in favor of eliminating the FED altogether.
The Constitution states that “ONLY CONGRESS SHALL COIN MONEY” (aka: run our money system).
@njp1414 : obviously you can’t restrain yourself from making this personal and from using unclassy language. I don’t personally know the guy making video, but he’s doing more on my behalf than anyone else. So take your baseless comments elsewhere.
On April 1st, I will believe I will hold the only position in the private sector in the Untied States whose compensation, how I am paid and how much I am paid, will be regulated by the federal government. Is that legal? Is it constitutional?
I am a mortgage professional in CA and I am a memeber of NAMB, CAMP and NAIHP. I believe that the reverse mortgage professionals have brought suit as well and I am hopeful that this will be delayed or stopped. If not, we are getting prepared to work within the rules as we understand them. That is the issue, the fed has not done a very good job at explaining how it works and parts of it are terribly written.
There should be thousands of lawsuits against the Federal Reserve Board brought by individual Mortgage Companies. There has to be a grass roots movement.
DISGUSTING! The Fed Reserve Board is going to kill the housing recovery with this rule.