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State lawmakers push to ease mortgage industry requirements

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Mortgage Professional America | 19 Dec 2014, 01:44 PM Agree 0
Could other states soon follow? Proponents claim the changes will cut costs for mortgage professionals in the state, while critics say they would dilute protections for borrowers.
  • SanDiegoLoanOfficer | | 19 Dec 2014, 04:51 PM Agree 0
    Compliance costs have gone through the roof and are restrictive and are passed down to the borrower/consumer. Its time for the pendulum to swing back to a balanced middle for the greater good of all.

    With the HPML rules now allowing APOR's over 1.5%, and UFMIPs being part of the calculation, my poor FHA clients here in San Diego CA can no longer increase their already rock bottom rate a little higher to use the credit to help offset their closing costs. It's terrble.

    We all need to tell our elected officials about these issues and garner support for change, just like these folks did in Carolina!
  • SanDiegoLoanOfficer | | 19 Dec 2014, 04:52 PM Agree 0
    *not / not now...
  • Marc Savitt | | 20 Dec 2014, 07:37 AM Agree 0
    Compliance costs for small business bankers and brokers make it difficult to expand and hire. In many cases these costs force small business out of business.

    In my opinion, Chris Kukla should understand an issue before commenting on it. Instead, we see the old standby talking points, which had no merit years ago and to this day.

    Non-Bank mortgage brokers, mortgage bankers and mortgage originators, are the most heavily regulated sector of the mortgage financing industry. Relaxing costs will not jeopardize the public, nor allow bad actors to gain entry into the industry. These licensed professionals will still go through background investigations, submit to tests that judge their knowledge, be fingerprinted,have their own credit reviewed and take continuing education classes every year.

    Chris,I wonder if you understand brokers did not cause the housing/mortgage crisis. You should look to those who developed the harmful mortgage programs, set the guidelines and most importantly APPROVED the mortgages. Brokers don't underwrite and approve mortgages.

    I applaud NC for standing up for small business.
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