Comments on: THE NEW FINANCIAL REFORM BILL AND ITS IMPACT ON BORROWERS AND MORTGAGE LENDERS http://www.emovingstorage.com/client-resources/financial-reform-bill-impact-borrowers-mortgage-lenders/ The Comprehensive Guide on Moving, Packing and Storage Wed, 23 Nov 2011 08:14:20 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: emovingstorage http://www.emovingstorage.com/client-resources/financial-reform-bill-impact-borrowers-mortgage-lenders/comment-page-1/#comment-7186 emovingstorage Mon, 06 Sep 2010 20:11:47 +0000 http://www.emovingstorage.com/?p=3010#comment-7186 Weve done alot of research on this article, if you have a different opinion, please submit your point of view or arguement, without any profanity or sarcasm, we would be happy to post it for you. Please submit at your convenience. Weve done alot of research on this article, if you have a different opinion, please submit your point of view or arguement, without any profanity or sarcasm, we would be happy to post it for you. Please submit at your convenience.

]]> By: Maguire http://www.emovingstorage.com/client-resources/financial-reform-bill-impact-borrowers-mortgage-lenders/comment-page-1/#comment-6820 Maguire Thu, 02 Sep 2010 20:30:51 +0000 http://www.emovingstorage.com/?p=3010#comment-6820 What you are completely ignorant to is... What YSP is. Brokers get a Wholesale rates that they sell at Retail. YSP is used to pay all or part of the compensation to the broker. And if you knew anything about RESPA you would know that YSP is given to the borrower as a credit to reduce the costs. They are way behind the 8 Ball. RESPA resolved this with the new Good Faith Estimate. and Big Banks like BofA and Wells want everyone to come to them, so they can monopolize the lending industry. Great, take away consumer choice and give them shitty service on top of it. If you are gonna write an article about an industry interview someone who does it day to day,not someone sitting behind a desk with an opinion. Back seat driver! What you are completely ignorant to is… What YSP is.
Brokers get a Wholesale rates that they sell at Retail.
YSP is used to pay all or part of the compensation to the broker. And if you knew anything about RESPA you would know that YSP is given to the borrower as a credit to reduce the costs. They are way behind the 8 Ball.
RESPA resolved this with the new Good Faith Estimate.
and Big Banks like BofA and Wells want everyone to come to them, so they can monopolize the lending industry. Great, take away consumer choice and give them shitty service on top of it. If you are gonna write an article about an industry interview someone who does it day to day,not someone sitting behind a desk with an opinion. Back seat driver!

]]> By: sullivan http://www.emovingstorage.com/client-resources/financial-reform-bill-impact-borrowers-mortgage-lenders/comment-page-1/#comment-4325 sullivan Wed, 28 Jul 2010 20:22:42 +0000 http://www.emovingstorage.com/?p=3010#comment-4325 I am a loan officer for a regional correspondent bank, and have worked for two of the largest Banks in this country as a loan officer as well. I have been working as a loan officer for the past 4 year. The industry chagned the UW criteria and started to regulate loans and require the borrower to fully docuemnt credit, income, and assets for the entire time I have been working as a loan officer. They are not instituting anything new. What they are doing is making changes to ensure that the larger banks, such as BOFA and Wells Fargo are able to get an even larger piece of the pie. The smaller regional banks will not be able to compete. You will get the same interest rate at BOFA or Wells Fargo as you would at a smaller regional bank( the regional bank may even be lower). The differnce is the larger banks will keep 3% for themselves and split 1% with the originator. As an example for a $100K loan with an interest rate of 4.625%, a larger bank will keep 3K as profit and split the other 1% or $1K with the loan originator 50/50. The smaller regional correspondent bank will give the same loan for 4.625% and make a total of $2500; splitting that with the originator 60/40. Makes no mistake....this bill was passed in part due to the lobbying of the larger banks. This bill will ensure that there is no competion and everone will have to go directly to them for the loans....all the while thier profits will go up!!! I thought we lived in America and enjoyed a FREE ENTERPRISE system. Since when does our government place a value on the work of its citizens? Where will it end? Will they fix the price of pizza's and gas? Next they will come to you and say that your job that you are currently getting paid $60K a year to perform, is only worth $40K and you will have to take a pay cut. We are giving the government tooo much power!! I am a loan officer for a regional correspondent bank, and have worked for two of the largest Banks in this country as a loan officer as well. I have been working as a loan officer for the past 4 year. The industry chagned the UW criteria and started to regulate loans and require the borrower to fully docuemnt credit, income, and assets for the entire time I have been working as a loan officer. They are not instituting anything new. What they are doing is making changes to ensure that the larger banks, such as BOFA and Wells Fargo are able to get an even larger piece of the pie. The smaller regional banks will not be able to compete. You will get the same interest rate at BOFA or Wells Fargo as you would at a smaller regional bank( the regional bank may even be lower). The differnce is the larger banks will keep 3% for themselves and split 1% with the originator. As an example for a $100K loan with an interest rate of 4.625%, a larger bank will keep 3K as profit and split the other 1% or $1K with the loan originator 50/50. The smaller regional correspondent bank will give the same loan for 4.625% and make a total of $2500; splitting that with the originator 60/40. Makes no mistake….this bill was passed in part due to the lobbying of the larger banks. This bill will ensure that there is no competion and everone will have to go directly to them for the loans….all the while thier profits will go up!!!

I thought we lived in America and enjoyed a FREE ENTERPRISE system. Since when does our government place a value on the work of its citizens? Where will it end? Will they fix the price of pizza’s and gas? Next they will come to you and say that your job that you are currently getting paid $60K a year to perform, is only worth $40K and you will have to take a pay cut.

We are giving the government tooo much power!!

]]> By: emovingstorage http://www.emovingstorage.com/client-resources/financial-reform-bill-impact-borrowers-mortgage-lenders/comment-page-1/#comment-4241 emovingstorage Tue, 27 Jul 2010 01:58:27 +0000 http://www.emovingstorage.com/?p=3010#comment-4241 No anything like this will take time to trickle down before we results, but its definitely a step in the right direction. No anything like this will take time to trickle down before we results, but its definitely a step in the right direction.

]]> By: Chris http://www.emovingstorage.com/client-resources/financial-reform-bill-impact-borrowers-mortgage-lenders/comment-page-1/#comment-4235 Chris Mon, 26 Jul 2010 22:51:52 +0000 http://www.emovingstorage.com/?p=3010#comment-4235 Thanks for the recap of the bill, it's really interesting to see what they've created to prevent the economic fallout we had back in 2008 from happening again. Hopefully the bill will actually improve our financial system and make it less fallible. Do you think we'll see immediate improvements when this goes into effect? Thanks for the recap of the bill, it’s really interesting to see what they’ve created to prevent the economic fallout we had back in 2008 from happening again. Hopefully the bill will actually improve our financial system and make it less fallible. Do you think we’ll see immediate improvements when this goes into effect?

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