HR9315 Passes To Full House For Consideration

RE:HR9315 Passes To Full House For Consideration

McBroker — Mon, 03 Dec 2007 13:00:00 GMT

Whew... good point Broker George. We'll have to wipe the slate create the wheel all over.,.AARRGGHHHHH!

RE:HR9315 Passes To Full House For Consideration

Broker - george — Fri, 30 Nov 2007 13:00:00 GMT

Whats the point of underwriting if the lenders are not confirming that the borrower can ACTUALLY make the payments? The point of a bank rep, when they say, STATE the income to "x" amount, and brokers abide. The point of disclosures, when the borrower can claim "they didn't know?" The point of a notary, if the borrower can say "they didn't understand." The point of 3-day right of recession, if the borrower can end up saying "I was pressured into signing."

RE:HR9315 Passes To Full House For Consideration

Concerned — Fri, 30 Nov 2007 13:00:00 GMT

Hey innocent bYstander, Learn to spell your onw name, let alone half the words in your rant before even trying to throw your hat in the ring.

RE:HR9315 Passes To Full House For Consideration

Mike Mortgage Broker — Sun, 11 Nov 2007 13:00:00 GMT

Lawmakers need to butt out and let the enforcement agencies do thier job and crack down on the "scumbags" in this business who are doing fraud. It's the borrower's responsibility to shop for the best loan they can (Free Market economy) and it's not up to the government to intervene any more. Let small business survive! George W said that "Small Business is the backbone of this economy." I'm not a big Geroge W fan, In fact, I think he's a moron, but he WAS right about that point.

RE:HR9315 Passes To Full House For Consideration

dan — Fri, 09 Nov 2007 13:00:00 GMT

Why doesn't anyone point a finger at the homeowners that don't do their homework. People need to be responsible for their own actions. including the lenders. let them learn from their mistakes I don't feel sorry for the lenders either. They agreed to lend the money, so if the homeowner forecloses, let the lender take the hit. Business is business. people and banks need to take responsibility for their own actions. Like I said, let the lenders take the hit. They agreed to lend the money. period

RE:HR9315 Passes To Full House For Consideration

Innocent bistander — Fri, 09 Nov 2007 13:00:00 GMT

Hey "anonymous mortgage broker", you know not what you speak! Home retention the topic of the day. Are brokers helping with it NO! Loan servicers are by loan modications and restructing. As a borker you're limitied by the programs you can offer and I doubt if you can broker a 100%-125% program today to the poor saps you talked into a 100% neg am in '06, especially now that their home is work 70% of what it was then. There is a place for brokers, but for now SIT DOWN!

RE:HR9315 Passes To Full House For Consideration

ARGHHHH — Fri, 09 Nov 2007 13:00:00 GMT

Thanks for your realistic tale of banking greed. I can see why you feel the need for SRPs and YSPs now. You wish you could have pocketed the entire $8K yourself, yet loan officers have to give a huge chunk to their office. Whether its a friend, family or a referral your fees were pretty high! $8K+escow+underwriting+imaginary origination fee+notary+wiring+application fee+reserves+rate buy down=$$$ FRIENDS DON'T LET FRIENDS DRIVE DRUNK, AND THEY CERTAINLY DO NOT CHARGE EXCESSIVE FEES, SOME FRIEND!

RE:HR9315 Passes To Full House For Consideration

Honest John — Thu, 08 Nov 2007 13:00:00 GMT

I'm a Broker and have made a nice life for myself over the years, I've acquired nice cars, multiple homes, motorcyle, boat, extensive travel, lavish things and trinkets and it's all thanks to the flexibility and creativeness of the industry. I don't want it to change or be regulated. I deserve the ability to charge whatever I feel is appropriate to cover my overhead and lifestyle, afterall that's why I came to America.

RE:HR9315 Passes To Full House For Consideration

Jim — Thu, 08 Nov 2007 13:00:00 GMT

Why don't you mortgage brokers fess up and take blame where blame is do. Sure there are scumbag originators from every segment of the business, but none worse than the broker. I have files, studies and reports that substantiate this. I have read so many idiotic posts here to tell me some of you either don't have a clue how this business works or are just plain delusional. The question that worries me is where are all the sleazeball mortgage brokers going to be working next?

RE:HR9315 Passes To Full House For Consideration

Dumb Appraisers — Thu, 08 Nov 2007 13:00:00 GMT

Oh Yeah, there are alot of dumb appraisers out there that were bought off by brokers promises of future business and their own greedy hearts.. funny thing was that they stood to gain far less then the brokers with so much more to loose. I never bit that dangling carrot but do recall being ridiculed by a broker for not pushing his value and again for not deleting comments about a missing roof for another. Yeh, BROKERS SUCK and the sooner they become accountable the better. bye bye YSP's, HA HA!!

RE:HR9315 Passes To Full House For Consideration

Appraiser are a joke — Thu, 08 Nov 2007 13:00:00 GMT

Appraisers kiss the butts of those same people when it comes to getting business. We all had a hand in this, no one was complaining when business was coming in hand over fist. Real Estate agents pushed the listing prices and created comparables for appraisers. Mortgage professionals in turn had to find homes for these loans with ridiculous price tags which were backed up by scumbag appraisers that agreed with the values. Step up and take responsibility for your part. Scumbag

RE:HR9315 Passes To Full House For Consideration

George — Thu, 08 Nov 2007 13:00:00 GMT

When I worked for a bank I closed a sub-prime loan for a friend, I was required to charge 2 pts SRP on a $400,000, had I been a broker like I am now, that loan would have gotten done for no more than 1 point YSP. My wonderful employer paid me $2000 out of the $8,000 that was collected. My point is, banning YSP and driving the brokers out of business will not help the consumer and money will still be earned under the name SRP which is exactly the same as YSP.

RE:HR9315 Passes To Full House For Consideration

anonymous mortgage broker — Thu, 08 Nov 2007 13:00:00 GMT

This is hypocritical. Lenders get the YSP but NOT Brokers??!! eliminate ysp's and you reduce competition. reduced competition means more costs to borrower. lenders will make a killing now. brokers originate over 60% of loans. this economy will take a hit! We market to promote homeownership and refinancing to save money. lenders are weak at this. consumers will PAY BIG TIME so will the economy. Where is free capitalism???!!!!! i might as well go live in France or China for that matter!!

RE:HR9315 Passes To Full House For Consideration

Jack — Thu, 08 Nov 2007 13:00:00 GMT

We all have to agree that the Lenders created the programs that the brokers offered to the consumer and further it was wall street that created a market for the programs, otherwise they would not have existed. The broker took it a step further by padding, hiding& inventing fees so that the cost to the bwr was absurd but often overlooked, alot of brokers deserve the title "scumbag". Face it, they'd charge bwrs as much as they could get away with. What we need are informed bwrs and regulated fees.

RE:HR9315 Passes To Full House For Consideration

Anonymous Appraiser — Thu, 08 Nov 2007 13:00:00 GMT

It's about time they they did something here but I don't think this is really the problem (could be contributing). I think that the mortgage brokers have had too much control over pressuring appraisers to HIT the number because they don't have a stake in the loan if it goes bad. The entire industry is a mess but this time they can't put the full blame on the appraiser. More lender/broker regulation this time.