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Trump promises ‘major haircut’ on Dodd-Frank

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Mortgage Professional America | 05 Apr 2017, 08:20 AM Agree 0
The president says that in the current regulatory environment, the regulators are the ones running the banks
  • | | 05 Apr 2017, 12:16 PM Agree 0
    People need to be working on ALL ends of the business, some time people are making decisions as it is in numerous fields of which they have never been the participant or recipient in and have NO clue as to ALL aspects of the field they are affecting the American lives. Maybe it is time ALL parties get together (that will be a first) as the new regulations that took place are not exactly working to the benefit of all parties (delayed closings, the buyer not being able to set up a closing date of their household deliveries etc) and making home ownership MUCH harder than out should be with time restrictions that are absurd! Talk to real estate agents, mortgage companies trying to obtain the mortgages and title companies trying toward under the 3 DAY Ruleish - just maybe something can be resolved that makes sense to the consumer and regulators.
    Real Estate Agent for YEARS! DH
  • GBF | | 05 Apr 2017, 12:31 PM Agree 0
    Perhaps it's time to make the banks adhere to the same disclosure and continuing education rules as independent mortgage brokers. Especially frustrating is having to deal with Appraisal Management Companies, who apparently exist only to slow down the process while presenting the appearance of objectivity. If you really want objectivity, there's a much easier way to get it; choose any appraiser you want, and make every appraisal subject to review by an independent panel of appraisers in each county. That way you're certain the value is accurate; you can actually talk to an appraiser, and the lenders won't end up owning and controlling the appraisal - the client will. After all, they paid for it
  • CA lender | | 05 Apr 2017, 12:48 PM Agree 0
    I am certain any "haircut", "deregulation", "Improvement", etc. will greatly benefit big banks bottom line and do NOTHING to alleviate the stupidities facing borrowers. AMC's will stay in place and the 3 day CD requirements will stay in place. Private investors who often (although not always) played a helpful niche role in allowing challenged buyers to find financing for owner-occupied dwellings will continue to avoid such mortgages due to the potentially onerous consequences. Our government has "helped" countless borrowers into delays, complications, irritations and additional costs and right out of purchasing a home.
  • JMac | | 05 Apr 2017, 01:00 PM Agree 0
    You can't even make a last minute change for a borrower in the mortgage arena that benefits them. If a file change stays with-in a tolerance after a clear to close, borrower should be able to get the benefit with-out waiting. Even when the lender does a perfect job, the borrower is aggravated.
  • Everett B. Hooker | | 05 Apr 2017, 01:44 PM Agree 0
    My am the CEO for a Real Estate Company and CEO for a Mortgage Brokerage. In response to what Mr. Trump wants to do I am fine with the Law be given a "Hair Cut". I strongly believe that not all of the regulations are bad for the consumer but some of the laws are to stringent. There is more time spent by Brokers and Underwriters a tempting to gather documents from clients (Verifying each document), determine cost and revealing those cost to the clients with in a specific percentage which during the transaction are going to change regardless during the processing of any individual transaction. Brokerages are restricted from charging for billing client during the transaction for the added cost for man hours spent during the transaction along the restriction placed on them by regulation of how much can be received in compensation by the broker. Adding to this cost is the redundant disclosures that must be presented to clients who never read any of them. At mortgage signing, it will take a client 1and a half to 2 hours to sign glance at all the documents in that mortgage package which they receive a copy of after the signing. In a survey conducted by my company of clients after signing and them having a copy of the documents given to them, after several weeks, none of them read any part of the document they were provided because they were just tried of all the redundant information which had been provided to them during the entire transaction. Many felt they did not ever want to go through this process again.
  • LBJ | | 05 Apr 2017, 02:43 PM Agree 0
    After founding my Mortgage Banking Company 15 years prior to the introduction of Dodd-Frank, and CEO of that corporation, we had a great run of business, closing many mortgages and selling them to investors, thus allowing people to realize the American Dream. Along came the Dodd-Frank debacle, and after suffering through 3-4 years of rediculous regulatory changes, and declining transactions caused by the new regulations, had to close our business. This, of course, impacted several Families that were dependent on the company for their livelihood. This being very upsetting to me, I spent countless hours researching our past book of business, that closed prior to Dodd-Frank, looking of course, for delinquencies and foreclosures. As a result of our scrutiny of the mortgage mortgage applicants, and not allowing for unqualified persons to get past the application phase, we found only two foreclosures. Yet, due to the Dodd-Frank over reaction, and forcing our business to close, even though this is a very small example of the negative effects, there were countless other companies that were in the same situation. And then, the culprit, Barney Frank, retires with the lifetime Federal Government Retirement.
  • | | 05 Apr 2017, 04:36 PM Agree 0
    I am the CEO of a small credit union. I can honestly say that the OVER REGULATION has cost our little credit union to absorb thousands of dollars annually to comply. Instead of running the credit union I feel like I am just writing policies, ordering expensive audits and compliance tests. I don't have funds or time left over to actually focus on worthwhile projects.
    Thank God for Donald Trump!!!!!!!!!
  • gary H. | | 05 Apr 2017, 04:52 PM Agree 0
    The Dodd Frank was a clever way to steal AMerica's equity and control appraisers and appraisals, and eliminate brokers by setting different rules. If you can't get financing things go down based on the fact no one can finance. There is no benefit to the public, the appraisals have doubled and the banks have NO RIGHT TO CRY. Why is it jamie Dimon is now a billionaire. COuld go on and on and on but fact is they blamed brokers for the banks indesretions. The bigger bankers went on to screwing the small businesses by taking advantage of the fact they can CHARGE WHATEVER THEY WANT. Stifled small businesses , limiitid choice. Allowed certain banks to make hundreds of billions, deflated our currency and oh yes doesn't affect any poliiticians medical , dental insurance or retirement benefits. America gets it ( that is those that respect America and want to contribute rateher than bilking the economy ) . Ever wonder why extending locks cause 3/8 of a percent for 15 days or so? Think the money really costs this? Ever wonder why barney Frank own an AMC, sits on a bank board or why your appraisal costs doubled and banks can own 49.9%?????? I will believe changes that benefit all when I finally see them.
  • Rojofar | | 18 Apr 2017, 04:44 PM Agree 0
    Dodd Frank needs a major haircut. It has blocked out access to funds for the middle class & small business, and has stifled the economy. The big money is in the massive population of the middle class and small business sector. Unleash the funds, and there will be significant growth.
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