Letters to the Editor Sept Issue

by 26 Sep 2009

Welcome to our Legislative & Regulatory issue of TNR. As we all knew, change was coming down the pike. And as loan originators, we will all be affected by these changes. This issue is packed full of information, contributed by some of the most respected and trusted insiders of our industry, to help you navigate these changes. Please pay attention.

Keep up the fight,
Robert Pegg
Letters to the Editor
The Kids Don’t Stand a Chance by Martin Andelman
I just wanted to reach out and say that I enjoyed your article about Web 2.0 technologies and the power that they possess for businesses.  I am a startup mortgage price management software company for mortgage bankers and it is imperative to keep my overhead as low as I can and with all the cheap and easy to use web 2.0 services that are available, I’m able to do so at a VERY low cost.  I've outlined some of them below for your convenience:

- Google Apps
I can use this service for email, docs, spreadsheets, PowerPoint presentations, websites, chat, and much more and its 100% free! It syncs to my blackberry, my email application (Mozilla Thunderbird), and I can store all my marketing media in there online docs service for free and look like a multi-million dollar corporation

- ZenDesk
I’m a software company, so I need a help desk.  This service is $9/mo for 1 agent.  Yes, that’s a 9.  Amazing! Enterprise level support for $9/mo.  Another great service is www.getsatisfaction.com

- Freshbooks
Lets be honest, I invoice my clients on a monthly basis.  With this service at around $20/mo, I can have professional invoices sent automatically and have online payments accepted.  Quick, easy, cheap.

- Twitter
You already mentioned twitter but I thought I would reiterate that its a way to make a company "human"

There are a million others out there but I’m a software company and if you add up all the features I mentioned above, I’m spending $29/mo and I’m providing enterprise level service and support for the money that gets stored in my "keep the change" savings account from my bank!  This allows me to keep my cost down and my customers happy.

Thanks again for a GREAT article. 

Mark Ramirez 
Bringing up the REAR: Edward Yingling by Martin Andelman
Thank you for writing the article about the hubris being demonstrated on the part of the federally chartered depository institutions and banking associations.
I am SICK of these guys!  Attached you will find an editorial by Jamie Dimon that appeared in the WSJ a few months ago.  You will also find PROOF that all these guys participated in subprime originations.  "Ding-a-ling" said virtually the same thing that Dimon said.  Did they take a How to Point the Finger class together?
EY - "banks watched as mortgage brokers and others MADE LOANS..."  WHAT'S WRONG WITH THESE GUYS?  Brokers can't MAKE loans.
JD - "What many people forget is that hardly any commercial banks regulated by the OCC, offered these products.  Rather, these loans sprang from lightly regulated mortgage brokers and thrifts."   SPRANG FROM BROKERS?  WHERE DID BROKERS GET THE PRODUCT?
PLEASE keep getting the word out.  These guys are ALL in denial, pointing fingers and dumb and arrogant enough to make stupid proclamations that can be proven false.
Would love your thoughts!  As you can tell, you hit a nerve.
Deb Killian, CRMS
Charter Oak Lending Group, LLC



Is TILA-RESPA a good or bad thing long term?