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Community bankers sound off on Dodd-Frank

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Mortgage Professional America | 18 Aug 2016, 08:15 AM Agree 0
The House Financial Services Committee gave community bankers a chance to sound off on Dodd-Frank, and the bankers weren’t particularly gentle
  • | | 18 Aug 2016, 11:40 AM Agree 1
    100% Dodd Frank must be shut down. Only the republican party will shut it down. Trump wants to shut it down so be smart vote Trump. Clinton wants to regulate it more. The democrats are the evil ones not the republicans.The news media the web all must be stopped its not fair game. We need a fair game America not a democratic one.
  • | | 18 Aug 2016, 11:57 AM Agree 1
    Not only this should be shut down or abolished ... I think all the people involved in putting this regulation should be brought to court including Barney Frank and Chris Dodd !!! They devastated too many small businesses and lives of people !!
  • | | 18 Aug 2016, 01:11 PM Agree 0
    Dodd-Frank is needed. The big banks are thieves. Even with it, there is still and often, undue influence to appraisers. Dodd-Frank is a smoke screen giving the appearance of protection. Reporting it is a joke. Nothing is done. Banks have too much influence as well. They complain that appraisals take too long. They do not. They are simply ordered too late. There may be a shortage. This is mostly due to the fact that a decent appraisal takes about 8 hours to complete. No one cares. No one protects the appraiser. We are the ONLY on in the transaction that does not benefit from it, other than being paid for our expertise and time. Appraisers are leaving the profession due to unrealistic demands without increased compensation. Give the mortgage officer a fixed fee, the Realtor a fixed fee, the Bank a fixed fee that they can make in the transaction if you really want to level the playing field. There are too many foxes in the henhouse in Washington. Banks have too much power. They should have failed and foxes should be in jail, not wielding their power over our government and everyone else in their paths.
  • | | 18 Aug 2016, 01:39 PM Agree 2
    Dodd Frank is needed ??? Who ever wrote this knows nothing about the mortgage banking biz. One word for u , your not very SMART and let's add this as well most certainly not educated in the banking and finance world. People like u are hurting the consumer.
  • sbharkness | | 18 Aug 2016, 02:26 PM Agree 2
    This coming from an appraiser that is afraid to sign his name. Let me tell you something Mr/Mrs appraiser. The reason you get a fixed fee is that YOU DO NOT GENERATE THE BUSINESS! The mortgage officer & Realtor's do. I spend thousands monthly in marketing costs to bring the business in that gives me mortgages to order appraisals from appraisal management companies that then pass on the work to individuals like yourself. What often comes back are absolute rags written by brand new appraisers that were quickly hired and run through the training to replace the many thousands of experienced appraisers that left the business when HVCC was inflicted on the consumer. SO quit crying about what we make. If you want to be one of us step up to the plate and be one of us...come on in the water is fine. However, you will not be guaranteed a paycheck as you are now signing up with different appraisal management companies that do NOTHING but screw the consumer out of an additional several hundred dollars. I take that back, there is something they do and that is send the appraisal back to the appraiser, sometimes several times asking you to correct the most amateur mistakes before it gets into my hands. That's when we look over the quality of the work, flip out and call the appraisal management company. It is also when we have to go to the consumer and explain that we were assigned an amateur and that we need to order another appraisal....that I HAVE TO PAY FOR. Dodd's-Franks is needed...what a bunch of sour grapes. You know nothing of the burden placed on the industry but then again, how could you being such a small part of the over all process.
  • RPT/ St Petersburg Florida | | 18 Aug 2016, 05:38 PM Agree 0
    Dodd-Frank is a tremendous burden/wreck for many involved/affected person. It basically destroyed my business telling me I can not do mortgages and real estates. lawyers do it and they know nothing. make the buyer pay all these extra fees, a paper burden that no one wants to do. having people pay a 1,000 nearly ever year for licenses renewal is a unnecessary highway robbery. I am sick because of this undue burden. please repeal it now. The state licensing system is perfectly find.
  • Gary H | | 19 Aug 2016, 10:19 AM Agree 1
    NOT SURE WHERE YOU ARE GETTING YOUR INFORMATION , BUT THE THIEVES WERE, FEINSTEIN, CLINTON, OBAMA AND ESPECIALLY BARNEY FRANK. Barney Frank owns the Appraisal Management company which is a requirement that has to be adhered to requiring that a THIRD PARTY Company simply order appraisals. Fact is the banks can get 49.9% of the extra profits and not show this. The larger banks do not show the Yield spread which is the money they make because it closed under their name and they make thousands of percent and put them on an unequal playing field with competition. Feinstein's husband got the contract to liquidate the Post Offices with no other bidders via Obama , Clinton has made decisions nationally and internationally to benefit their own pocket illegally and best of all in violation of present laws that wee overlooked such as SHERMAN ANTI TRUST . Get your facts straight before crying that the small banks and brokers should be on such unequal playing fields. The largest banks got bigger because they operated at ridiculous benefits. NO over head and if I made a few hundred billion I would be glad to turn over 20 million to the CFPB. Blood and bribe money brought in back door. DO you seriously think that the AMERICAN Public is so lame. Oh yes the reports required and restrictions for a small broker with the additional expense burden to do these usually run several days and the broker cannot be paid to process this even though it is truly the cost of business.We went from 5 mortgage officers and a good string local company to being "micro- managed " and forced to do everything because of the expenses and ridiculous burdens placed on a small business, Still here but use this business as a lost leader and a benefit only in that it can help the public.
  • gary H | | 19 Aug 2016, 10:29 AM Agree 1
    That is a little Harsh. Been an appraiser since 1979 where I obtained my CREA. Licensed in several states. I have my broker's license , and Real Estate Broker's license since 1979. Appraiser's are very much regulated and under appreciated. Fact is cost went up because of DODD FRANK. More restrictions and costs , software , requirements and they do not get more money. If they do not do exactly what the third party requires, requests they are off the list. Fact is a home is worth what a buyer on the open market is willing to pay. Not what zillow or comps show. More often than not we are experiencing a bidding. The appraisal is really for the bank to determine what their comfort zone is in lending. Remember when the brokers were blamed for the ARMS and other products and it wasn't them ? Guess what- they are still here. The commercial lenders can charge 100's of percent and still do. HELP THE LOCAL BUSINESSES stop trying to over regulate an industry only with intentions of making Hillary and Obama richer and more powerful.
  • Penniless single mom | | 19 Aug 2016, 03:16 PM Agree 1
    Dodd-Frank virtually wiped out an entire industry; the mortgage broker. Banks were all for this initially because brokers were successfully competing for the residential finance market. The bankers git their wish but now some of them are suffering the fallout. I was a broker and was the sole source of income for my family. I was wiped out. I still haven't recovered and don't expect that I ever will. There were many other hardworking small business owners just like me who lost everything.
  • sbharkness | | 20 Aug 2016, 05:32 PM Agree 1
    Gary H is one of the old time appraisers I wish there was more of. My post aimed at the whining appraiser who was obviously so new to this business he/she has NO UNDERSTANDING of the process. He/She only exists because they are being spoon fed deals because they were able to get their name on several of the appraisal management companies lists. If things were back the way they were before HVCC was inflicted on the consumer he would have to come to the Loan Officer for business. I dare say, he would not get any out of my office but you Gary H....that is a different story. I actually miss you old timers GREATLY. Example: This morning I was expecting to see an appraisal in my inbox because the consumer received the NOV. What was waiting for me instead of the appraisal was a notice from the appraisal management company stating the appraisal was sent back to the appraiser for corrections. Hmmm, my point of several days ago proven. The little Whiner crying about what we make, one of his cohorts, produced a rag if an appraisal that needs to be repaired. My borrower was charged $610.00 for this rag. We have a purchase and sales set to expire at the end of the month. My chances of making this without an extension were just reduced by half. Gary H...chances are if you had done this appraisal it would be in my e-mail in-box. Be need to roll back the clock on Dodd's -Franks, and HVCC, and reinstate the Glass-Steagal act that served the country so well before Clinton and cronies killed it. I shudder to think if she is elected President.
  • sbharkness | | 20 Aug 2016, 05:39 PM Agree 0
    Gary H is one of the old time appraisers I wish there was more of. My post aimed at the whining appraiser who was obviously so new to this business he/she has NO UNDERSTANDING of the process. He/She only exists because they are being spoon fed deals because they were able to get their name on several of the appraisal management companies lists. If things were back the way they were before HVCC was inflicted on the consumer he would have to come to the Loan Officer for business. I dare say, he would not get any out of my office but you Gary H....that is a different story. I actually miss you old timers GREATLY. Example: This morning I was expecting to see an appraisal in my inbox because the consumer received the NOV. What was waiting for me instead of the appraisal was a notice from the appraisal management company stating the appraisal was sent back to the appraiser for corrections. Hmmm, my point of several days ago proven. The little Whiner crying about what we make, one of his cohorts, produced a rag of an appraisal that needs to be repaired. My borrower was charged $610.00 for this rag. We have a purchase and sales set to expire at the end of the month. My chances of making this without an extension were just reduced by half. Gary H...chances are if you had done this appraisal it would be in my e-mail in-box. We need to roll back the clock on Dodd's -Franks, and HVCC and reinstate the Glass-Steagal act that served the country so well before Clinton and cronies killed it. I shudder to think if she is elected President.
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