Choosing a mortgage has never been easy, but in recent years the market has exploded. Gone are the days when the major decision you had to make was between a variable and a fixed rate. Now, every lender seems to have a number of different product, from…

Thanks for your input. Obviously you are against this new act.

I’m curious though as to what are thoughts are on say Sec 104 of the bill where the government is turning the tables on loan originators by requiring them to meet some unannounced credit score or credit criteria.

This is unfortunate since there are probably many potential newcomers that want to become mortgage brokers and would be excellent, however it is another case of reducing humans to just a number and disregarding their other talents and traits.

http://www.journalnow.com/serv.....&path=!localnews&s=1037645509099

I quote

“There is no specific definition about what exactly predatory lending entails, though most observers believe that the description applies when lenders take advantage of borrowers by charging high interest rates and consider only the value of a borrower’s assets, as opposed to what the borrower can afford to pay.”

In my business, if you can’t define something and still try and stop it here is the practical effect,

“YOU HAVEN’T SIGNED ENOUGH PAPERWORK YET”

The only practical effect of this bill will be more closing documents. That’s it.

Here is how I saw it…
www.proprietornation.blogspot......nding.html