Archive for September, 2010
After attending the MBA’s regulatory compliance conference, one thing that was very clear is that mortgage brokers out there are worried. This worry does not just stem from the inevitable fact that YSP as a form of compensation is going the way of the dinosaurs, but also from mounting compliance costs. Everyone knows that to make money one must make more than they spend, but currently, the sheer amount of compliance costs have the brokers on edge. From referring to lawyers, and retraining staff, and losing productivity during that training time, margins have began to shrink and there is no telling how much more they will in the future.
Brokers are also a little upset about what they would consider a mess they were left with. Most of the brokerages who are still in existence are commonly the ones that were not necessarily originating all of the “exotic” mortgages. In their eyes they were providing a good service to borrowers and as a result of originating good loans they were provided access to more lenders. Now, they face even stricter scruitny, high compliance and training costs, and worries about the new yet ominous CFPB.
All in all, brokers understand that they are at the beginning of a new era, and they also understand that the mortgage industry is undergoing some greater changes to regain the public’s trust. One thing they do want to know though, is how exactly are they going to survive if the regulatory atmosphere continues in this quick-fire manner.
- One foot on the gas, one foot on the brake! RT @mashable: Dilbert Takes on Social Media Marketing Managers [PIC] – http://bit.ly/bLKxzC #in #
- Mario is 25…wow I'm old. It was uber progressive and complex – after getting chased by ghosts, avoiding barrels and dodging cars. #in #
- Watch for new HUD mortgagee letter re: guidance on curing HECM defaults -Seniors may not have long term resources for T&I pymts #in #
- What are the most common types of Loan Modification scams? Prevetion is the key http://bit.ly/c0Hhnq #in #
- West Point cadet takes home Eli Manning's hat at Giants-Panther season opener http://bit.ly/aDxeY0 #
- Oprah does NOTHING small – 300 going down under flowng by the dancing king himself http://bit.ly/cpqILw #
- Give a man a fish and he'll eat for a day. Teach a man to fish, and he'll sit in a boat and drink beer all day #
- ProClose offers unique DST technology for Trust Signatures on Mortgage Documents http://www.proclose.com #in #
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- Because you've been asking about the pros and cons of REVERSE mortgages http://bit.ly/bxeBgx #in #
- The majority of Mortg Orig License applicants who fail the test the 1st time are already working in the business.Only 62% pass the 2nd time #
- Interesting perspective on why unemployement is so high: http://onion.com/aapBAz #
- Interesting take on the reason for high unemployement http://onion.com/aapBAz #in #
- @IdaApps Lookin good! Love the new video! in reply to IdaApps #
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