Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Small lenders take aim at unfair compliance

Notify me of new replies via email
Mortgage Professional America | 10 Jun 2013, 06:00 AM Agree 0
Small lenders and originators have put forward legislation they say will protect them from what they've called "unfair and unreasonable" federal regulations
  • RICHARD H MOHLER | | 10 Jun 2013, 10:45 AM Agree 0
    DOOD-FRANK AND ITS OFFSPRING, CFPB, ALSO WILL HARM SMALL BORROWERS. THERE MUST BE SOME HELP FOR THIS LOT OF BORROWERS AS WELL.
  • Scott | | 10 Jun 2013, 12:39 PM Agree 0
    Amen, Brother...
    We are a small 1951 chartered Credit Union who has never sold any mortgage of any type... the SAFE act has no caveat of exemption if you do not have intent to sell or sellable paper. Most ridiculous indeed.
  • Alette | | 11 Jun 2013, 12:58 PM Agree 0
    I have been a mortgage broker for 27 years and always done everything by the book. This over regulation makes it impossible for a small lender to stay in business. If you take out all the competition the banks will charge whatever they wish and there will be price fixing. If their goal is to drive out all the small lenders they are doing a fine job of it.
  • CoreyD | | 12 Jun 2013, 09:58 AM Agree 0
    I'm a private money, non-bank lender and we've never engaged in predatory lending practices. We lend to real estate investors, not to homeowners in distress. However, we too have come under regulation and are now required to be licensed. I can hardly make a living myself because of the burden of these new regulations and what it's done to our business. Private money lenders and hard money lenders did not create the crisis, it was the banks that created this mess. Yet now we are required to be licensed to lend our own money? It's pure insanity and the product of too much government.....
  • Larry Cathey | | 19 Jun 2013, 02:37 PM Agree 0
    I am from California, our liberal elected officials believe in "if one is quilty all or guilty" so in California at least the fact that you didn't contribute to the mortgage mess makes no difference.
  • Philip Maynez | | 23 Jun 2013, 07:35 PM Agree 0
    Funny, Belly aching about realtors making 6%. A desperate seller will do anything and pay anything to sell a home. Where as most borrowers aren't desperate for a mortgage. Wouldn't it be a hoot, if a law was passed that the seller had to pay the originators fee too.
Post a reply