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Trump advisor for Dodd-Frank surgery rather than dismemberment?

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Mortgage Professional America | 10 Nov 2016, 03:11 PM Agree 0
Steve Mnuchin, rumored to be among Trump’s possible picks for Treasury secretary, has been more cautious than others in the campaign when it comes to the fate of the Dodd-Frank Act
  • Gary J. Heinecke | | 10 Nov 2016, 04:00 PM Agree 0
    Goldman Sachs 17 year affiliation? This says it all. President elect Trump-- I campaigned for you on the basis of your promise to dismantle the Dodd Frank. This is also what the Republicans were pushing for? One set of rules for banks and lenders and other for brokers. HERE WE GO AGAIN! I would hope you would have a better course than this Mr. Trump!
  • Pretty please | | 10 Nov 2016, 04:01 PM Agree 0
    Steve needs to give brokers their money back! We were cut over 40% from what the states allowed, at least my state of Connecticut. We meet with people and spend lots of time with people and things don't come to fruition. We do refinances and the appraisal doesn't come out after doing all the work, we do purchases and people change their minds or they lose their job right before closing on the mortgage. We need to be compensated for those losses and bring our compensation back to what it was prior to Dodd Frank or more.
  • Hr 3393 | | 10 Nov 2016, 04:12 PM Agree 0
    Dodd Frank and the compensation hurts the customer due to the fact that banks make a boatload or unlimited amounts of money on small mortgage amounts and charge the consumer higher interest-rate's. Brokers can't afford to do the lower mortgage amount's but brokers do over 50% of the total business in the country. The people that run this country don't understand this… So two things happen, the consumer can only go to Banks who will either charge them a higher interest rate to get that mortgage or flat out deny the customer. Hopefully congress will wake up and understand that competition is good. Congress needs to back HR 3393 and hopefully the person that I voted for to be president, Donald Trump, will sign it.
  • Ron Blessey, Santa Fe, NM | | 10 Nov 2016, 06:57 PM Agree 0
    Sir, I am extremely proud and happy you prevailed and will be running our Country. As a 20 Year Veteran of the Dodd/Frank legislation I have seen some good reform that was necessary, however this latest round, TRID will in my opinion make this industry collapse under it's own weight. This was an ill conceived and improperly executed regulation that in now way is beneficial to the consumer. The delays it is causing are burdensome and unnecessary. The format Closing Disclosure makes no sense to the borrower and requires those of us in the trenches to explain this ridiculous form. I recently resigned as President of the New Mexico Association of Mortgage Professionals. As an expert in this business and one who championed legislation to require originators in the State of New Mexico to be licensed, I am all for protecting the consumer, but let's review the authors of Dodd/Frank. Two career politicians with questionable ethics and a less than stellar history in Government who played the meltdown as a form of political expediency. Now where are they. Remember Chris Dodd's three Countrywide VIP mortgages? He and Frank out got before the hammer came down.

    Mr. Trump, I submit that you need to hear from people that have seen the results of regulations that were created by politicians that have no practical experience in this process. After 20 years of doing what I love to do, I have decided to leave the industry and devote my time and efforts to expose what is wrong with mortgage lending. I no longer have to worry about making waves in the Real Estate Community or with Banks. I am one who has seen the effects of what politicians have foisted on the populace. I suggest forming a committee of professionals like me, that can articulate what has happened as a result of all this and consult with you as to how this process can be fixed.

    Godspeed as Commander in Chief.
  • Laverne Pettigen | | 10 Nov 2016, 09:28 PM Agree 0
    Repeal the Dodd frank act , it's a burden to our economy and our country its repeal will boost economy
  • | | 11 Nov 2016, 12:22 AM Agree 0
    How about waiting to see what happens before starting to complain?
  • gruiter | | 11 Nov 2016, 12:24 AM Agree 0
    How about waiting to see what happens before starting to complain?
  • DD | | 11 Nov 2016, 11:25 AM Agree 0
    All you Trump supporters are you happy now? Interest rates are the highest they're been all year effectively killing the refi market unless things straighten out. Watch out for what you wish for!
  • Roger | | 11 Nov 2016, 01:00 PM Agree 0
    Repeal the whole thing put Glas steagall back which is why we had problems letting the market regulate itself . We have forms in there for mortgages that are so obsurd and cumbersome it makes getting a mortgage a very painful experience for the borrower not to mention the mortgage officer /broker. Just make sure we have decent credit and decent down payments and I think the housing market would be fine . Also stated mortgage we should have for self employed workers with great credit and down payments of 10% they should be able to get mortgage stated with prime rates.
  • Pilotken | | 11 Nov 2016, 09:59 PM Agree 0
    Glass Steagel needs to be RE affirmed
  • Michelle | | 15 Nov 2016, 04:34 PM Agree 0
    One of the main reasons I voted Republican was to get Dodd-Frank repealed. Anyone in the mortgage industry can attest to the constraints it has put on us and our clientele. We work twice as hard for less money. And clients are sick of being inundated with paperwork, redisclosures, and frustrating rules and guidelines. Even the best of borrowers have to jump through hoops. All of the common sense has gone out of the industry. Granted, things were too loose prior to 2008 but the pendulum swung WAY too far the other way. How does one agency (CFPB) have this much authority? Come on Donald, fix it!
  • jmateo | | 15 Nov 2016, 05:20 PM Agree 0
    Michelle, i pray that Trump comes through but I believe that he is going to break the hearts of those that voted for him. He is going to do very little of what he promised. Empty the swamp? The swamp is getting dirtier.
  • | | 15 Nov 2016, 10:18 PM Agree 0
    You should never base you business solely on refinances. That was your first mistake. The trend over the last several years has been moving toward a purchase heavy market. The rates went up a little. So what? Quit whining and go help some families close on their homes.
  • Gary M Florida | | 22 Nov 2016, 08:23 AM Agree 0
    I was a mortgage broker for almost 25 years and never had a complaint or a problem. Then became a private lender for my retirement years. The act has stopped my private lending, cost me income, and worse, has forced me to explain to future clients that Ithey can no longer obtain financing through me because of the government regulations. So these people now are forced to continue on in their present financial situation even thought they may have 50% down and good credit, but for some reason, bankruptcy, divorce, death, etc. a bank will not allow them financing. When I lend my money I am the one taking the risk, not the government. It is a shame what they have done to the lending environment. The regulation was not thought out properly and was put into effect by people that were not familiar with the mortgage industry. Please repel the act. The mortgage industry was not responsible for the economic downturn it was the banks that came out with all their strange programs and did not think things through.
  • Go to California | | 03 Feb 2017, 02:02 PM Agree 0
    Higher interest rates means the the outlook on jobs and economy is looking good, so for YOU the non trumper if you want to keep the country down just so you can have a lower interest rate, move to California if you are not already there and then y'all succeed from the union and live in your little bubble
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