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

House makes decision on points and fees bill

Notify me of new replies via email
Mortgage Professional America | 15 Apr 2015, 05:01 AM Agree 0
Legislation critical to the mortgage industry went to the floor of the House of Representatives for debate Tuesday and it could ease some of the regulatory burdens.
  • gjh | | 16 Apr 2015, 06:34 PM Agree 0
    These idiots cannot see the forest through the trees. What has happened is mortgages under 100k are almost too costly to have a broker do. They require as much work if not more than a 250k mortgage, to say nothing of the preparation work to help homeowners from the entry level.
    Costs of hiring a processor the fact you can make only 3000 , pay a mortgage officer , keep them on w2( payng the employer end of taxes,payroll costs and truthfully the lenders have to charge an application fee (usually as much as 895 to 1000( which if not charged raises the rate substantially to the consumer), to say nothing of the broker liability and exposure has caused brokers to tell the consumer to that we cannot afford to handle their business. Charging someone 14% is a lot like RIDICULOUS YIELDSPREAD. Which politician do you think has ties into manufactured housing??? personally the purported watchdog CFPB's studies leave a lot to wonder. WHen they disclose to the public and Congress how much their entity costs the consumer than maybe it would be fair to say an equitable and impartial determination had been made by them. Until then they are just another BLACK HOLE the government can hide their thievery behind.
  • SBH | | 17 Apr 2015, 12:07 PM Agree 0
    Maxine waters does not even know how to spell her own name without someone standing over her shoulder to correct her mistakes. The implication that she could understand ANYTHING having to do with the unintended consequences of Dodd's-Franks is great material for stand up comedians introducing the Saturday Night Live show. The women truly just does not get it and never has. What she does not grasp this time is that any mortgages made below $100,000 do not pass the 3% test so she is hurting the low income borrowers who are the majority of her district that keeps re-electing her. As Tom Hanks said in Forrest Gump character..Stupid is as Stupid does.
Post a reply