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Trump to order Dodd-Frank rollback - report

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Mortgage Professional America | 03 Feb 2017, 11:52 AM Agree 0
President Trump plans to order a rollback of the controversial legislation today, sources say
  • Keith Howard | | 03 Feb 2017, 01:38 PM Agree 0
    Thank you, thank you, thank you Mr. President for ending the insanity of political hacks in the mortgage industry.
    FrankDodd was the sea anchor holding our business back.
  • FatherMortgage | | 03 Feb 2017, 02:00 PM Agree 0
    Yes and Lets let the Mortgage Brokers come back in a big way as well!
  • | | 03 Feb 2017, 02:06 PM Agree 0
    Dodd & Frank. Just the name is enough to tell you it ain't good!
  • Mortgage Broker | | 03 Feb 2017, 02:10 PM Agree 0
    YOU ARE MY PRESIDENT!!!!! We've been burdened far too long by this insanity. We feel like prisoners in the mortgage industry. You can't do this, you can't do that. When you ask, can I do this. It's I don't know, you need to consult an attorney. Nobody knows what Frank-Dodd Disaster ever meant. It's not common sense. I'm all for the education, which we had much better by lenders before the Frank-Dodd Disaster. After the Frank-Dodd Disaster, educators that know absolutely nothing about the mortgage industry except what they've been told, can't answer any questions about the content that they deliver. Confusion, confusion, confusion....that's what you get now. You don't know if you are going to be imprisoned, be fined for more than you own, or be shut down for the Frank-Dodd rules that even educators and regulators have no answer for when you ask a question. It's messed up!!! Thank you and YOU ARE MY PRESIDENT!!!
  • Make Lending Great Again! | | 03 Feb 2017, 02:17 PM Agree 0
    Finally a step in the right direction.
  • Mortgage Banker | | 03 Feb 2017, 02:19 PM Agree 0
    OK, so who would take a roll back in Dodd Frank over FHA MIP changes? I say DF goodbye!
  • BK | | 03 Feb 2017, 02:41 PM Agree 0
    Awesome news, over regulation has actually hurt more consumers than helped them. Dodd Frank has driven up costs, burdened lenders, and hurt the consumers they intended to protect. Typical when bureaucrats make hasty decisions for political reasons.
  • KBHOMES | | 03 Feb 2017, 02:54 PM Agree 0
    Finally a President who knows what they are doing!
  • Loan Officer | | 03 Feb 2017, 03:00 PM Agree 0
    Yesssss! Good riddens...It's a new day in America!
  • The Truth | | 03 Feb 2017, 03:01 PM Agree 0
    I do not trust anything this celebrity apprentice of a president we have could such I take this as a gear up for another bubble...Property values on the rise swiftly and interest rates at historic lows with one place to go. I guess we will see who is "right" if we are still here after the N. Korean attacks...However, I am soooo excited as a mortgage lender that I will make more money this year$$$ If you remember the bubble, you more than likely remember going in to work to find your company evaporated into thin air.
  • Miami Loan Officer | | 03 Feb 2017, 03:17 PM Agree 0
    I'm all for protecting the consumer, but the excessive regulation makes it hard for the same consumer the regulation is protecting to get the help they need. So good job Mr. President. I look forward to a bright future the consumer, and for this and other industries.
  • Cindy Lou | | 03 Feb 2017, 04:21 PM Agree 0
    Yippy, this is the most exciting industry news to date! The little man can buy a home again and not be penalized.
  • Eric Tran | | 03 Feb 2017, 08:33 PM Agree 0
    Go ask any average homebuyers on the street about Dodd Frank's benefit and they will tell you how tiresome they are with all the paperworks.
  • Joe Broker | | 03 Feb 2017, 08:38 PM Agree 0
    I hope it will relieve some of the ridiculous, onerous and unnecessary compliance issues that brokers have had to deal with since the implementation of this terrible law. With very few exceptions, none of these changes and regulations have given any benefit to the consumer for whom it has falsely claimed to be written.
  • KAS | | 03 Feb 2017, 11:15 PM Agree 0
    It needs to be dismantled. It is like a big fact secret and worrisome as one does not get a chance to correct errors first before the big time fined!! And how many times and how much of the fine goes back to the injured consumer.....where does this money go? Well lets see,
    attorneys and CPFB and then their director and employees. LETS PUT INTO A FUND TO HELP OUR COUNTRY - WE HAVE SO MANY NEEDS.
    Director Cordray could scale done his budget to say about 60- 75K a year?

    For an example Department of Corporations years ago would come into a business, do the audit , find areas needing to be addressed, and wrote a business up with a fix it report; then came back in so many days to confirm things were corrected. Naturally, we are not talking about unlawful, fraudulent actions issues. But you get it --- Frank/Dodd just went overboard.
    Put a consumer and a broker on the board of 5...probably come up with common senses and correctness...

    Oh and get rid of Elizabeth Warren .
  • 1956 | | 03 Feb 2017, 11:18 PM Agree 0
    'Frank/Dodd - you are not making senses; please sit down!"
  • KAS | | 03 Feb 2017, 11:23 PM Agree 0
    So I wasn't the only one constantly feeling I did not know if I was walking of pebbles or rocks....
    Never could get straight answers. Told to go to our attorneys; attorneys did not know even as much as we brokers know.

  • Positive because I rock at this business! | | 04 Feb 2017, 03:16 PM Agree 0
    Wow! 90% of the time the outcome of a situation is based on attitude... glad I don't have yours!
  • Christy | | 07 Feb 2017, 07:13 AM Agree 0
    Its about time, DF has done nothing but create more confusion for everyone!
  • Long timer | | 08 Feb 2017, 02:05 PM Agree 0
    Many clients don't like Dodd-Frank as well as the TRID requirements. It's insane making a refinance client wait three days prior to signing mortgage documents then a three day recession period? We in the industry have adjusted to so many changes in the lending environment, I've been here 30 years and it has created so many unhappy clients. It's true that Dodd-Frank protected the client by stopping overages by credit to the benefit of the client as to weed out the greedy mortgage officers(not looking out for their clients), but only the honest Loan Officers are remaining so stop the insanity.
  • | | 09 Feb 2017, 11:22 AM Agree 0
    please make it a level playing field, the banks can make SRP but the limited and put 10's of thousands of brokers out of business by capping them at 2.75% YSP, there by limiting there revenue and putting more people out of jobs. Please look into this insanity!
  • First Manhattan Mortgage | | 16 Feb 2017, 11:20 AM Agree 0
    CFPB is another way to punish the mortgage broker for all the GREED on Wall Street. We can NOT go back to 'stated income' mortgages and unchecked ability to repay the mortgage. But the regulations make it impossible for the small business to hire a processor/assistant which would allow the company to expand new business.
  • Mark Pruner | | 17 Feb 2017, 08:40 AM Agree 0
    As a Realtor I see the problems with Dodd Frank and TRID every week. I just had a pre-approved deal fall through, because he ultimately didn't qualify for one mortgage product. He did qualify for another mortgage product, but he would have had to start from scratch on another mortgage with a minimum of two weeks for the bank to re-review the documentation they had just reviewed.

    I actually devoted my last week's column in the Greenwich Sentinel to the problems with TRID and mortgage regulations.
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