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Warren praises new CFPB rules

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Mortgage Professional America | 10 Jan 2014, 07:19 AM Agree 0
Sen. Elizabeth Warren is singing the praises of the Consumer Financial Protection Bureau’s new mortgage rules, saying on the Senate floor this week that the new regulations will stifle practices aimed at “tricking and trapping” borrowers
  • Ed Heck | | 10 Jan 2014, 08:32 AM Agree 0
    She like the CFPB is just a bunch of morons who know nothing about the mortgage process.
  • Fred Taylor | | 10 Jan 2014, 08:34 AM Agree 0
    Just another idiot politician whose in the pockets of the big banks!
  • Common Sense | | 10 Jan 2014, 08:35 AM Agree 0
    "The agency acknowledged in January 2013 in the Federal Register that in some cases when a qualified mortgage was originated, “the entire payment from creditor to broker would be captured in points and fees” in a wholesale transaction, while “the retail transaction might include no mortgage origination compensation at all in points and fees.” Such a situation, the CFPB admitted, “could constrict the supply of mortgage originators and the origination channels available to consumers to their detriment.”

    That's how the Gov't fixes problems, by picking winners and losers?
  • Roberta (Bobbie) Lindner | | 10 Jan 2014, 08:36 AM Agree 0
    All well and good to have some reasonable regulations, however, the way the changes are at this time it is not protecting the consumer from shyrocketing costs!!!
  • Ron Drabeck | | 10 Jan 2014, 08:38 AM Agree 0
    Such a politician, she really has no idea what she is talking about! Tricking and trapping people into mortgages? What? The unintended consequences is what is really going to hurt new homeowners. And then she goes on to say; “show once again that government can fix problems,” Singing praises on top of it, who voted for this lady? People, look around you, how's this government fixing thing working out for you these last 5 years or so?
  • Kelly Sa-Ardjit | | 10 Jan 2014, 08:38 AM Agree 0
    These RULES just cannot seem to "help" themselves from creating UNINTENDED consequences....over, and over, and over!!!!
  • Jeff Wiley | | 10 Jan 2014, 08:42 AM Agree 0
    Elizabeth Warren is an IDIOT> Not only will this QM Rule reduce revenue to the brokers to the point that most small shops will either be non-competitive or simply go out of business it will ELIMINATE a viable outlet for consumers for home purchases thus setting back the housing recovery by years. As for her comment about Brokers getting kickbacks for higher rates. This is not possible. Any higher rate that a borrower takes through a broker is to give them additional fees above the brokers established lender compensation plan to help them pay their closing costs and prepaid expenses. Another UNINFORMED member of congress!!!!
  • Russell | | 10 Jan 2014, 08:43 AM Agree 0
    Don't let the facts get in the way of her ignorance. Did any of these elected officials consult with the mortgage officers in the trench?
    No, they think they know everything..
    Let free enterprise correct itself.
  • Mark | | 10 Jan 2014, 08:46 AM Agree 0
    I would like Sen. Elizabeth Warren's feedback after she has purchased her next home. She may be in for a shock. But she probably gets to do a fast and easy with her lobbyist Bank friends at a discounted rate like Countrywide did for Mr. Chris Dodd an others. We all can agree changes were needed but the market already corrected itself. Government's view of the economy could be summed up in a few short phrases: "If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it."
    Ronald Reagan
  • All American | | 10 Jan 2014, 08:47 AM Agree 0
    you tube maxine waters and dems defend Fannie Mae
  • Mike | | 10 Jan 2014, 08:49 AM Agree 0
    What utter spin BS. I will bet my last dollar (and I don't have many left) that more borrowers will be hurt by this than helped. The Government doesn't "fix" anything. They only screw it up. Jobs will be lost. Homes will be lost. They are out of control.
    Once again they've thrown the baby out with the bathwater.
  • Curtis Jackson | | 10 Jan 2014, 08:50 AM Agree 0
    "Government can fix problems!" You morons can't get the budget balanced yet you want to comment on the CFPB solving all the problems in the housing and mortgage industry and attribute it to the government?
  • Elizabeth “You didn’t build that” Warren... | | 10 Jan 2014, 09:00 AM Agree 0
    will next eliminate all auto accidents by banning that dangerous carbon creating automobile! Thank the Lord we will be 'safe'.

    Without victims who would need government to save them?

    Restricting choices is wrong. When you have no choices left you will be as safe as a prisoner in a cell.
  • Elizabeth You didn't build that Warren... | | 10 Jan 2014, 09:01 AM Agree 0
    youtube: elizabeth warren you didn't build that
  • Griff | | 10 Jan 2014, 09:06 AM Agree 0
    Not sure the new rules will force lenders to offer better rates or better service on the origination end. On the servicing end they may be forced to offer better servicing. With the current setup borrowers have a harder time comparing quotes between the bankers and brokers. New rules have driven up costs without adding any clarity. What we have done is eliminate the free market for consumers.
  • Brian Jacenko | | 10 Jan 2014, 09:08 AM Agree 0
    Just another educator/politician that doesn't know what she is talking about. I am a lender and the mortgages Warren is talking about have not been around for years. Also rates will go up to absorb costs that would disqualify a mortgage as being a Qualified Mortgage. What does Warren have to say about her fellow workers that left the CFPB after writing the QM mortgage rules to form a company to make mortgages to people that do not qualify under the "new" rules? The CFPB was questioned on this by Congress the CFPB said they were not accountable to Conrgress or anyone else.
  • Dave | | 10 Jan 2014, 09:12 AM Agree 0
    You've all hit the nail on the sentiments exactly.....I would "add" that they have been looking for ways to "FORCE" the brokers out of the equation; so now, when good brokers like myself, and others on this thread, look for other jobs, they will beg for us to come back after the market shuts down with very few avenues left for the consumer....they already CORRECTED the industry 5 years ago...anybody who's a broker nowadays, is smart, has the cash, and the fortitude to be in it...lord knows its not cheap to be a broker......the idiots that played those games are gone and now the government is about to force the rest of us (the good ones)....out!
  • David Parry | | 10 Jan 2014, 09:22 AM Agree 0
    Banks with "in-house" aka "Retail Loan Officers" will be able to present borrowers with Good Faith Estimates that "have no lender fees", while Mortgage Brokerages are now "forced" the list "Lender Paid Compensation" from the Wholesale Divisions at Banks, Credit Unions or Mortgage Banks on the "GFE". Borrowers will instantly think that Banks offer "much better deals with lower costs". This is UNTRUE. Everyone "sells" the same money. It comes down to the "profit margin". Retail Banks can not "hide" information from borrowers. Interest rates for mortgage mortgages can only be "lower" at Retail Banks IF they work on "lower profit margins" which is only possible for short time frames before a :loss leader" situation" exists. Retail Banks are NOT in business to lose money. The QM Rule is designed to destroy and eliminate Mortgage Brokers. Many Mortgage Broker are honest and work on thin profit margins. Borrowers will be forced to deal with Retail Banks and the "new monopoly" which is NOT consumer friendly. Therefore, “the entire payment from creditor to broker would be captured in points and fees in a wholesale transaction, while the retail transaction might include no mortgage origination compensation at all in points and fees" clearly creates a huge advantage for Retail Banks with borrowers. Congress clearly did not listen to the National Association of Mortgage Brokers. Wholesale Divisions at Banks, Credit Unions and Mortgage Banks will close, Mortgage Brokerages will close, and many people in al those areas including contract processors will be out of work. Loan Officers will all end up working for Retail Banks.
  • Jim | | 10 Jan 2014, 09:26 AM Agree 0
    What is the point of making a commit anymore about anything. We have no power anymore. Welcome to the United Corporation of the world not the US. Who ever has the money makes the laws. Government bought and sold to push out the little guy. Rules based on market share, not peoples interest.
  • Viva la Revolucion | | 10 Jan 2014, 09:27 AM Agree 0
    Of course she does. What clueless political hack with a love for bureaucracies, red tape and stifling regulations wouldn't love the CFPB?
  • david i | | 10 Jan 2014, 09:31 AM Agree 0
    another typical idiot like the ones that created nmls, waste of broker time and money and now the idiots are trying to destroy whe rest of the industry...when is enough enough...we should reject these idiotic rules as well as eject fr office these career politicians
  • being human | | 10 Jan 2014, 09:41 AM Agree 0
    At least she takes a great picture.
  • david i | | 10 Jan 2014, 09:47 AM Agree 0
    taking good pictures doesn't feed the family, pay the mortgage, or pay the children tuition
  • Please think... | | 10 Jan 2014, 09:50 AM Agree 0
    QM does not limit bank revenue from mortgages, only brokers revenue.

    Vast amounts of resources are being wasted to understand and comply with the vague, poorly conceived QM requirements. As any person knows, higher costs of doing business are always passed on to all consumers.

    This concept was never studied or tested to determine if it was necessary or even if it would be effective at accomplishing anything.
  • Bob D | | 10 Jan 2014, 10:03 AM Agree 0
    Elizabeth Warren is uninformed and foolish if she thinks the new QM rule makes it easier to obtain financing. It restricts more people from getting mortgages who deserve them. I challenge her or anyone to get a $50k mortgage and good service under these guidelines. The government has just screwed up the industry futher
  • broker | | 10 Jan 2014, 10:06 AM Agree 0
    lets say I disclosed I made 3.125%(not allowed for a QM mortgage) and my rate, fee's and overall experience is better for the consumer. How is this helping any the borrower Sen. Elizabeth Warren? Every day I steal a deal from my brothers and sisters on the other side and I take that call at 430pm on Sunday(mainly cause the Cowboys are never in the playoffs) but I answer. I'm looking forward to the next waive on mortgages that are not QM's. I have been both broker and banker, staying put so you headhunters stop contacting me on LinkedIn please. "Derivatives are financial weapons of mass destruction.
    Warren Buffett". Up yours wall street
  • Griff | | 10 Jan 2014, 10:10 AM Agree 0
    Encouraging to see others sense the same as I do about Warren. In the excerpt above I don't see where she said "brokers tricking and trapping" which is what she usually says. I do wonder what the true cost of HVCC, Dodd Frank and CFPB rules is. We know the CFPB has a half billion dollar budget and many highly paid individuals learning on the job. What we don't have a figure for is the cost to the economy of the lost jobs in the lending cycle from originator to appraiser. I daresay originators are for the most part working for less at a bank today than they would have five years ago, but the banks are still flush and I know too many appraisers who have been financially ruined.
  • Louis | | 10 Jan 2014, 10:12 AM Agree 0
    CFPB QM new rule is only going to hurt the consumer CFPB needs to reconsider this idiotic rule ASAP, we as brokers disclose every penny including YSP and how it is used while Big Banks only disclose up front fees so where is the YSP going, in their pockets and brokers use YSP to help the consumer and Banks should disclose this, Sen. Warren U nothing about mortgage lending and neither does Congress. They need to consult with Real seasoned Loan Officers that has been in the business since at least the early 1990's cause these rules don't make sense and remember it was the Big Banks and wallstreet that caused the CRASH by misappropriation of funds with their 100% no verification as long as they are breathing Adj. teaser rate type mortgages. Do the right thing and stop squeezing the Mtg Brokers they know how to do their job correctly.
  • Gary | | 10 Jan 2014, 10:26 AM Agree 0
    Another pollution, I mean Politian, uniformed and sucking the tit of the tax payer like her boss, the Commander and Chief in charge & their people of both sides of the isle. Neither could run a snow comb stand much less the hurdles we face running a brokerage shop.
  • KKlovestheravens | | 10 Jan 2014, 10:35 AM Agree 0
    What a JOKE!!!
  • Liz | | 10 Jan 2014, 10:36 AM Agree 0
    I am closing my business after 20 years of being a broker and joining the banker world. We originate low mortgage amounts, good volume though, and couldn't survive with the new QM rules. Giving up control was the hardest thing but at the end it was the only solution in the low to moderate income borrowers we serve daily. This is sad and even though I'm forced to move on I still think that the broker channel is the most affordable option for borrowers. But that's just my 2 cents
  • Cheryl M | | 10 Jan 2014, 10:42 AM Agree 0
    Griff, first para. "tricking and trapping" comment from Warren. Also, Mrs. Warren is not an idiot, maybe naive as most have commented she (and most in congress) is inexperienced in the Mortgage Industry. As I have commented in this forum before, warren needs to return to her "specialty" bankruptcy. If she really wants to help consumers, I always say, "do what you know best" Warren needs to return to her roots and get out of Washington. Little does she know she's the one encouraging the "trapping and tricking" The CFPB as well congress is doing zero to help the consumers. I still argue are customers really as stupid as congress makes them out to be? I DON"T THINK SO. However, if there is "trickery" going on it's going on by Warren, congress and the CFPB Wake up Warren, you are a hypocrite you and congress can not fix the problem and have not. You are the problem... All these fees, regulations and "trickery" (your word not mine) are, have and will be passed on to one group the consumer. How's that helping, fixing or as Warren states, "Making a Difference" Warren go back some good for your own customers!
  • gary | | 10 Jan 2014, 10:42 AM Agree 0
    I am in that target area as the average home mortgage about 130k. I meet with everyone personally so time is limited and precious. Only so much to go around I can either do business through the internet and fail to protect their identity or provide less service but make more or lose about 110k a year in revenue do to our sweet spot in mortgages we service or three become a lender and lie about what we make by lack of disclosure through a warehouse. Politicians are just that- Clueless . WHo cares what the idiot says at this point?.
  • jlm | | 10 Jan 2014, 10:44 AM Agree 0
    Big Banks won with the CFPB rules ... Politicians are handsomely paid by the big banks to stand behind the cleverly crafted deception. Simple and plain there is no level playing field be administered. Banks do not have to disclose their SRP which is the same as a Broker's YSP .. yep exactly the same monies just called differently. Big banks are proud of this since they can continue to steal from the consumer. They know that this is the opportunity they have been salivating for so that they can monopolize the market
  • Maria | | 10 Jan 2014, 11:17 AM Agree 0
    2010. That was a long time ago. All the bad, dishonest brokers are gone, as are their niche products. Ms. Warren does not have a clue. Since 2010, cost have gone up for the consumer, and the application process has gotten far more confusing, for the consumer. This is going to be a nightmare, and politicians dont see it. They need to stay out of banking and the mortgage business. Additionally, when did it become ok for the consumer to not be held accountable for their actions? Like closing on a neg am mortgage or option arm? Big investment, probably should have been educated on your mortgage product if you got into a bad one....
    This is going to shut down plenty of potential home buyers.
  • being human | | 10 Jan 2014, 11:22 AM Agree 0
    everyone keeps belly aching on how the banks won. The Brokers won. people know the banks can still do what ever they want and brokers have fee caps. Now if you were Joe public. Wouldn't you now choose a broker over a bank or big lender.
  • Bob VG | | 10 Jan 2014, 12:19 PM Agree 0
    When you like your JOB you say things that appeal to the masses. (even though they are unfounded) Elizabeth Warren too ignorant to know better. She needs an education in the mortgage market.
  • Andrea | | 10 Jan 2014, 12:24 PM Agree 0
    "make the economy safer" : Really? I guess sometimes these politicians have to say something to sound relevant, when In fact, they are not saying anything at all. The people in the know realize she has no idea what she is talking about!
  • broker's response to being human | | 10 Jan 2014, 12:29 PM Agree 0
    being human- thank you for the reply but you don't get it. Its not a level playing field. Its doubtful its worth my time and effort originating certain quality mortgages under the QM i.e. 80k. If I'm not in the picture how does it benefit "Joe Public". It doesn't benefit him with limited access to credit and while having less competitive options available to him. This new law is designed to drive brokers out and though the spirit of the law was done to protect "Joe Public" it will not. If you have a mortgage amount of 417k you will have multiple options. If you are the "Average Joe Public" you will have the Bank. Only winner here is the Bank. And don't tell me they deserve the income or profit because the bank is mortgageing their own money when the same bank got a bail out from "Joe Public".
  • Jon | | 10 Jan 2014, 01:07 PM Agree 0
    All of this could have been prevented if all of you would have joined NAMB, and your local mortgage professional association years ago. NAR has a million members and gets things done because of a strong lobby. Every negative comment is because you wanted someone else to take care of you, rather than do it yourself. Well, it is still not too late to join in the battle. If you bitch and moan and do not do anything about it, you deserve what you get. Now we have to live with all of this, and get by somehow. I agree with all of you, but at least I know what dollars I give each year, goes to helping NAMB fight the cause. For some of you that are members, thank you. This fight will continue.
  • Dave | | 10 Jan 2014, 01:27 PM Agree 0
    @ Jon, whether myself or anyone else on here is a member of the NAMB, the PAMB, or not (and I am by the way)....doesn't know it.....and we all know it......that's it....get over yourself thinking that (even if 15,000,000) of us were a member of it or are a member of it, or even in front of congress, that it would make a dam bit of difference.....cause you know it wouldn't....
  • Don | | 10 Jan 2014, 01:28 PM Agree 0
    So if the rules are not perfect or near perfect Mz Warren the problem is NOT fixed. Warren has become the dog chasing its tail, spinning in cirlces while singing praises about the CFPB and the new rules, while the agency admits there will be unintended consequences to the detriment of the consumer. For the past thirty plus years the Congress has fixed nothing. The problem all along has been the congress. Mz. Warren is serving nothing but Kool-aid....
  • Alice | | 10 Jan 2014, 01:31 PM Agree 0
    Jon don't assume these people are not involved with NAMB. I doubt it if a million members would have prevented today. When congressmen and women refer to bankers a brokers in commentary I read then there is no changing the culture in Washington. Most Elected officials have no clue what they are talking about. Brokers bad, Banks good. Where is the broker bailout? Reelection down the road and the banks will pay me for campaign so I get reelected. This is what your elected official thinks. There is no way I could compete on this level with the banks, they know it. What is going on in our business has nothing to do with protecting the public, only empowering the elite and the influential that bend the arm of their elected official, only to gain a monopoly of an industry in the end. Period. Has nothing to do with NAMB(GOD love them) but the forces that control the Government. We the people have no voice & its evident in every aspect of our lives.
  • JOE M | | 10 Jan 2014, 01:37 PM Agree 0
    pls forward these comments on to
    senator Warren, so she can see what those in the "trenches" (business) really think about her and her clueless collegues at the CFPB. What if we the people voted to knock down her salary, and threaten her livelihood! Vote all current politicians out of office! They don't have our interests at heart. They can't even agree among themselves, and yet they continue to make laws that ruin an industry!
  • Louis | | 10 Jan 2014, 02:43 PM Agree 0
    What happened to Govern by the people, for the people and of the people, don't recall if this is the right order but you know what I mean, congress and the big banks are destroying lives an hopeS for families who work hard then just to lose what they have earned and they really love this country cause CONGRESS is not listening to the people. Brokers handled the mortgage industry just fine for the last 50 - 60 yrs before B Banks got there foot in the door and it took the Big banks less than 5 yrs to screw things up and cause the big crash just like the DEPRESSION, what is wrong with you politicians how can you destroy these peoples lives especially the KIDS who will pay later cause of lack of funds for education, PLEASE PLEASE reconsider these new rules that don't make sense !your killing me HARRY!
  • JH | | 10 Jan 2014, 03:27 PM Agree 0
    Back in 1991, we had an assault on broker compensation through changes in the RESPA rules and illegal kickbacks, etc., and that sent a lot of folks out of business. We had to disclose our YSP's if we were table funding a transaction and also disclose that we were a broker instead of a lender, even though we were closing it in our own name as mortgagee. That was when I decided to go back to school and get my law degree. It was the best decision for me and I am now retired (I did so 1 week before turning 50). So, I maintained my mortgage lender license and later got my nmls mlo registration -- only to bolster my credentials as an expert witness in the mortgage field the courts. I knew that the government would try again to rid the field of brokers after the real estate boom and inevitable bust. It was only a matter of time. There comes a time when you need to move on to greener pastures and let go. I did and I made enough money to be able to retire early. If I had stayed in the mortgage business, I would still be mostly broke.
  • Ed Taylor | | 10 Jan 2014, 10:38 PM Agree 0
    ....I guess ignorance is bliss huh?
  • gary | | 12 Jan 2014, 03:29 PM Agree 0
    JH- That is a great story. Unfortunately additional college is nice but wouldn't have changed things. I went to VMI had thought I would enjoy and pursue a career in POLI- SCI. Never liked or trusted the politicians. I saw this coming down about the same time as I have been in the industry since very early 1980's . I have a RE Brokers license in more than one State. When this issue was brought to our attention I was at the Senate and in the politicians face. When talking to our lobbyist in SC she told me she represented other political affiliates and did not want to upset them. I had taken the time to obtain more than 500 signatures. After the lack of support it was highly evident why nothing got done. I have not joined since then but have been very visible to the public. In no way shape or form do I hide my feelings and beliefs. I have done radio ( and not necessarily for direct business but to educate the public. I have over 3000 clients and all are upset (after I educated them)about the preferential treatment to banks, the different rulings allowing banks superior APR (which is not on the same playing field and for which the banks are getting away with murder).AT least Washington will have someone to blame but before you know it they won't be able to kick around brokers as they are heading toward extinction. I have been able to weather open heart, a fire that destroyed our business and the outrageous regulations concocted by the feds, Bernanke and Geitner(for which his other claim to fame was destroying he Postal system. WHAT I AM HAVING TROUBLE DIGESTING IS THE CRUM THAT REDUCES OUR FEES TO A MEAGER 2.75%.I know of know business or industry that has had to deal with such unfair meddling and illegal acts. HAT I DO NOT UNDERSTAND IS WHY DIDN'T WE START A CLASS ACTION LAWSUIT FOR VIOLATIONS OF SHERMAN -ANTITRUST LAWS. It is easy to see that more than one party ganged up against the brokers.
  • being human | | 12 Jan 2014, 03:45 PM Agree 0
    there will always be someone hungry enough to do the small mortgages. Life will go on. with or without Namb.
    Since all these new rules have come out. Now the state regulators and audits aren't needed.
  • gary | | 12 Jan 2014, 04:04 PM Agree 0
    maybe if you work out of your house with no overhead. As far as regulators. DO not count on this!!They will always regulate us in South Carolina it is CONSUMER AFFAIRS. I do not think the State would want to lose the revenue.
  • Eric P | | 13 Jan 2014, 08:15 AM Agree 0
    Warren is a former Harvard professor...VERY liberal. The founding fathers must be rolling in their graves whenever there is an election in that state.
  • LoanWolf | | 13 Jan 2014, 02:18 PM Agree 0
    “show once again that government can fix problems,” according to HuffPo.

    Seriously, did she just say that...? This would imply that the gov has previously fixed a problem...? I must have missed that, when did that happen...?
  • Louis | | 14 Jan 2014, 07:44 PM Agree 0
    To Mr or Mrs JH.. we know life goes on but if everybody decides to let go then you might as well let go of all issues and let all big business companies monopolize the whole country and get rid of all small business, but that's not the American way we need to fight for what 's right and if we don't our kids and grand kids are going be in trouble and I care about this countries future and our kids and then education won't do them any good if it all falls apart, this has to be stopped before this becomes a third world country where there is only Rich and POOR and no middle class, not good and it's not just about the Benjamins it's about a way of life
  • Paul | | 15 Jan 2014, 09:35 AM Agree 0
    Interesting boat-load of comments! Very astute. Will or can they be passed on to our myopic ruling class in Washington?
  • George | | 15 Jan 2014, 10:03 AM Agree 0
    Look at the mortgage numbers. Six months from now QM will need to be fixed or revised. The wrong Senator got picked last for the Senate Banking Committee and a more qualifed freshman Senator with six years on the house financial services committee got snubbed by both the President and Harry Reid after he was given the Senate Banking Committee assignment. He was snubbed at the last minute in favor of Senator Warren. The consumer will once again suffer and just wait until they up the G fees again to help pay for unemployment. When will they all understand the term "Fair and Equitable" and "Serving the Best Interest of People"
  • Joe in MN | | 23 Jan 2014, 05:22 PM Agree 0
    I originated a $53,000 mortgage today under the new QM rules. I had to raise the buyers interest rate 1/2% higher to simply keep it under the 3% rule. Tell me how that helped the homeowner? I explained how Elizabeth Warren thinks it is a great idea... my client wanted her phone number...
  • david i | | 24 Jan 2014, 08:48 AM Agree 0
    with the coming of a 500 page application, qm and the politician/idiots have realistically killed my career as a broker after 23 years of being honest, hardworking, full of integrity, and the American dream of being self employed. where is the benefit that ms warren is providing to the American public? this has to be stopped before our industry goes the route of the Dodo...Extinct
  • Mike | | 24 Jan 2014, 08:52 AM Agree 0
    David I,
    It sounds like they have an agenda. A central bank that we all will have to kowtow to. For the record, I've owned a broker turned lender business but I'm now looking for an exit strategy.
    Medical Marijuana anyone?
  • broker for life | | 24 Jan 2014, 09:21 AM Agree 0
    I started in the business as a LO for a big broker shop, then the broker stopped paying the LO’s and went under due to his miss management of the business, 3 kids in college, nice house on the golf course, mistress etc. Then I worked as a branch manager for a banker, thinking at the time it was the direction we all would have to go eventually. When I left the banker he too kept my commissions and now I work for myself as a broker. I don’t have a CEO pencil wiping me to death and my P&L is really MINE. I have seen both sides...rather be a broker. Bankers over promise and under deliver their services. Put my estimate against any bank or banker and I win every time. Only another competing broker could match my deal. You will find in time people will end up preferring to work with a broker. Just hang in there it will happen.
  • gary | | 24 Jan 2014, 09:22 AM Agree 0
    Unfortunately I hear the medical marijuana leads to other vices like becoming a clueless politician. But they never inhaled!!
  • being human | | 25 Jan 2014, 07:48 AM Agree 0
    Just take the bulls by the balls like I did. I just got my realestate license. I am going to give free mortgages with my listings and for my buyers. I cleared it with the state that I am licensed. as long as you don't charge on the mortgage, you can controll both sides. You just have to eliminate FHA out of your business model. This way you make 3.5% or what ever you want and are not controlled by the government.
  • Gary J. Heinecke | | 27 Jan 2014, 08:21 AM Agree 0
    What state are you in?
    We own a Real estate company and DISCLOSURE is the key. Also the client has to have the opportunity to go where they want and if you are the BIC has to prove that you allow agents to send them where they wish. Once you realize as an owner and running two businesses what liability you have under Dodd Frank you may change your outlook quickly. If you are only an agent and NOT the BIC it probably is an easy thing to do and not nearly as costly. Don't forget you have ALL the liability to fill out quarterly reports, annuals and the NMLS nonsense. Sounds good on the surface. I am the BIC and licensed in more than one state. Lastly you have to worry about your agents sending your business out the door to a competitor which essentially limits your circles of influence to say nothing of the referrals.
  • Eevans | | 23 Jul 2014, 04:11 PM Agree 0
    Elizabeth Warren is an IDIOT that knows absolutely nothing about the mortgage business let alone how it should be ran. All the CFPB is doing is squeezing the little guy so hard that they have to leave the business.....which leaves only the big banks that:

    1. Are not very good ay getting a mortgage mortgage done
    2. Normally have much more restrictive guidelines limiting the number of people that can qualify for a home mortgage
    3. have no reason to be more competitive if the little guy is gone, due to zero competition in the market.
    4. Offer little to no customer service to their borrowers.

    I know, as I have been on both sides and have been in the industry for over 16 years. It amazes me how dumb ass Democrats like this idiot think that they know best about an industry that they no nothing about.....Please Elizabeth, for the sake of the housing industry, just leave office, die or retire....any of the 3 would suffice.
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