Comments on: Endorsement requirements for RESPA mortgage brokers

By: Myrna

Myrna — Sun, 20 Nov 2011 16:39:07 +0000

What are the requirements for a private lenders. Do they need to be DRE licence. What are private lenders limitations.

By: george e mehlmauer

george e mehlmauer — Thu, 08 Apr 2010 11:05:07 +0000

Congress created this, I want to know how did Barny Frank, Cris Cox, Maxine Waters, etc., pushed through a bill allowing NINJA loans…anyone could purchase a home? Even if they were not Americans! How is that constitutional? I mean they did not even have to have a gun to rob us, Congress did this to all working Americans. Why is Maxine Waters, Cris Cox and Barney Frank. (insert Democrat name here), not in jail? And the Government Regulators who stated “the Credit Default Swaps were too complicated to figure out” (if so, why do the highly paid regulators still have their jobs?
This is another government way to add more government employees with all their benefits to regulate those of us that produce income, and at our expense.
I have four state licenses, I am 66 years old and now my 401-K is a 101-K, I did not do this, why am I paying for it? Where are the adults in Congress? Is there no accountability in Government?

By: Joseph Sarria

Joseph Sarria — Fri, 12 Mar 2010 18:36:22 +0000

I agree with Terry Irmer, where is the Nat. Assoc. of Realtors? Or for that matter the Mortgage Brokers Association? I have not heard anything from either of them. This is all created by the influence of lobbies for the major lenders. They are the ones who will make all the profits on this matter. They want the Mortgage Broker out of the way, period. And what has happened to the bic wigs who deregulated the industry and allowed sub-prime paper to be securitized? The answer my friends is blowing in the wind.

By: Terry Irmer

Terry Irmer — Thu, 11 Mar 2010 13:00:54 +0000

Where is the Nat. Assoc. of Realtors in all this. They Should slap a lawsuit and get a injunction against some of this new law. who decides your credit worthiness is a requirement to act as a mortgage broker and what is this net worth garbage .Ive lost my hinney in this recession and the banks walk Scott free with all the new business .what a crock,come on NAR get off your butt and spend some of that money you take from us and sue to block some of this new legislation till the ones responsible are reined in , and it ain’t the Mortgage Brokers and CAR get off your duff and do the same.the inmates are running the asylum

By: Elizabeth Laird

Elizabeth Laird — Wed, 24 Feb 2010 14:34:51 +0000

If you have ever had a credit problem, foreclosure or BK, then you can work direct for a bank in their offices as you will not be held accountable or have to have a license then I understand..and if you do commercial loans, farm,business etc. you do not have to have a license i am hearing. Why oh why, are they blaming those of us in the industry who were fair, and honest? Most of the people, i sold to or qualified have now lost THEIR jobs and that is the REAL problem. Vote out the incompetents!

By: Pat Shaffer

Pat Shaffer — Fri, 12 Feb 2010 15:41:18 +0000

Oh, the best part, is they collect our money before they run the credit. Go figure!

By: Pat Shaffer

Pat Shaffer — Fri, 12 Feb 2010 15:39:51 +0000

Unbelieveable – these new regulations for Loan Originators. What makes us exempt from having the same issues as any other person during these tough times. I haven’t heard that our credit problems can be addressed with a “letter of explanation”. What about the loan originator with a serious life threatening situation (like a child with Cancer), with excessive Medical Bills in collection, that have caused a low credit scores? I know one. Oh, so he goes on the unemployment line, Welfare or ? Government – always barking up the wrong tree!

By: John Smith

John Smith — Thu, 11 Feb 2010 14:21:07 +0000

In addition to credit worthiness, what is the “net worth” requirement?

By: Lynn Osslund

Lynn Osslund — Wed, 13 Jan 2010 19:46:13 +0000

If bail out funds had not been made available, the losses would have taught the Lenders an important lesson, that undoubtedly prudent investing standards and criteria in place for years, that should never have been relaxed, would have been resurrected by different factions throughout the markets, investors would have demanded it, and many changes for the good would have been market driven from this acute hardship, rather than out of control spending, and now more layers of regulations ( with some of these resulting in negative unanticipated consequences as discussed in your article).

When I started in the real estate business out of college, with a degree in economics, in 1980, Home Savings and Great Western charged a bit more, but handled buyers with low down payments, that had higher risk, and they were portfolio lenders – holding their loans until they were seasoned and then later sold in the secondary money market – rather than immediately being sold off if they were FHA or VA loans, or conv loans with 20% down. It was always my understanding that these bundles of loans had ratings, based on their risk factor. What happened to these standards?

Clinton Administration wanted everyone to be able to buy a home, Bush Administration went right along with it, with Congress at the helm during both of these administrations, and all the big boys placated to this noble ideology and got their buddies to relax things, while everyone was paid handsomely….

After the S&L loan failures in the early 90s, I am incredulous at the relaxation of standards throughout the industry, that caused artificially inflated real estate prices by a flood of buyers that could not afford these properties and had no business purchasing them, and brought this financial hardship on working tax payers to bail out irresponsible people on all levels – wall street, the lenders, the originators and the Borrowers that had no business obtaining loans they could never afford, and many now, who are “saving” their homes with all this debt forgiveness shepherded by the government and paid for, again, by the working tax payers. I guarantee that over the next few years, many of these borrowers that are being saved, will practice the same financial irresponsibility that got them to this point in the first place, and they will be back in the same situation – just give them a few years to spend more than they make and buy more than they can afford.

In 29 years of real estate, I have never put any buyer into a property that they could not afford, and the lenders that I have relied on practiced the same integrity. However, this fiscal irresponsibility was rampant up and down the ladder, and fiscal irresponsibility has been bailed out on all levels. Has anyone really learned the lesson of financial responsibility and integrity? Not unless it gets them in their pocket books, and with all these bail out funds, we have instead in effect rewarded greed, irresponsibility, and at the minimum mediocrity, complacency, and stupidity. And it continues. A country cannot be financially strong or have financial integrity going forward with such practices.

I understand why this new layer of regulation is being implemented , and I am so sorry for all the mortgage brokers that I routinely work with that are being saddled with this because others acted so irresponsibly!

One more thing – In Canada, I understand that they do not have residential non-recourse paper – it’s all recourse – so people don’t buy homes unless they can afford them, and make sure they will be able to keep them, creating a much more stable home buying environment. So, of course they are experiencing a recession also, but without all this bad mortgage loan driven chaos that we have been drowning in here in the US.

Perhaps we need to rethink all facets of what led us to this mess.

Where has common sense gone? Forrest Gump said it correctly, “Stupid is as Stupid does”.

By: Terry Irmer

Terry Irmer — Wed, 13 Jan 2010 13:37:36 +0000

Let me see if i got this right–the Fed crashes the entire real estate market with their stupidity causing the biggest recession since the great depression—along with the greed of wall-street and big banking interests and a liberal congress.. my business goes in the toilet and i cant pay my bills even Theo i was not living above my means–now i have a crappy credit score and wont qualify to become a loan originator thereby sending me to the welfare line–and all this on top of regulating every move originators make and adding to the cost of advertising by placing extra words and numbers in the copy, extra work and reports
mandated by the Fed and then the State jumps on the bandwagon and ads more to what the Fed wants .charging you fees every step of the way and creating a new bunch of overseers state and federal,looking 4 ways to fine you for being late with paperwork that means nothing .The originators are the ones to take the brunt of all this oversight and the rest of them —zip –To the US congress the State the DRE and all the rest of the crooked sobs responsible i say in the words of Johnny Paycheck—–Take this job and shove it.