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Sales volumes slump as new regulation drags on closings

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Mortgage Professional America | 22 Dec 2015, 08:45 AM Agree 0
Low inventory problems are being exacerbated by new Federal regulation
  • Scott | | 22 Dec 2015, 02:28 PM Agree 0
    What I don't see mentioned in this article is the fact that FHA changed its rules as well making it much more difficult to buy a house. They no longer exempt student mortgages in deferment. You cannot tell me that this does not impact the way that homes are purchased.
  • Merry Christmas - not so much | | 23 Dec 2015, 10:32 AM Agree 0
    It amazes me that common sense is so often missed. The housing market helps our economy & yet as soon as the government sees any slow, but steady improvement they raise rates or change regulations to mess it all up! ...and in my opinion, it is too soon to risk an economy slow down or nose dive back into recession!

    The cost for a company to stay compliant (& in business) by the time they update their systems, train employees, and pay legal fees means LESS PAY n BENEFITS to originators who work their butts off trying to close mortgages before something goes awry to kill the deal! The longer it takes to close, the bigger the risk n the more time an LO puts in for declining pay.

    As PROFESSIONALS - just like an accountant, attorney, or realtor, we deserve fair pay & why are we the only ones being regulated for the professional work we do..? If the government wants to regulate, then force fair SALARIES w smaller commission levels n get rid of the 100% commission pay crap. We earn it n unless the mortgage closes, we make zip even though all of the work is done. Draws...? A joke. It's all paid back n not forgiven... makes for less than minimum wage LO's when the market slows. As it finally picks up, you spend time paying it back before earning a dime.
    Lastly, take care of the EMPLOYERS! People, realize when the government takes from the company's (the rich) via higher taxes or removing tax loopholes, they do NOT eat the loss. WE DO! Maybe this is why wages aren't going up! Maybe this is why they don't provide benefits or pensions anymore! They are going to make money one way or the other. Republicans get this. They may help the rich but in the end, it helps US - Middle Class folks AND the economy.
    First year EVER, there are no presents or Christmas tree to put them under. Working 2 or 3 part time jobs is NOT a recovering economy... it's simply trying to get by.
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