Is the Government involvement in residential home lending a positive or a negative?

We all see the discussions about HVCC and the destructive force it is in home values

around the country. The appraisers may be the best source of data to recind this

legislation, however, they have a survival mode in full operation. Why protest their

current cash squeeze by the AMC's if it will only scratch their name off the list!

Regulation Must be Good  Right?

Last month my company hosted a 3 day training event at great expense to have

loan officers (bankers) take a mandatory 20 hour course to comply with the SAFE Act.

The 497 page manual which served as the course textbook was chock full of an

alphabet soup of regualtions residential lenders must comply with.

The instructor told us that if we worked for an FDIC bank we would not have to have

this training. What does this say to the public? Nothing! No one knows the fact

that as a loan originator for a mortgage banker ( our firm ) we are better able to

serve the borrowers with the latest in training and federal guidelines.

Last night I passed some time with a stimulating 64 page self study course on

the new GFE and TIL guidelines which take effect Jan. 1, 2010. This was as a result

of HUD revising the good faith estimate to be more consumer friendly!!!!

Glad to Be A Part Of The Process

I am not complaining about what it takes to do my job. I am happy to be a

part of the system which still allows Americans to borrow on their homes. The

goal of the regulators may be a noble one of insuring that the public is treated

fairly when borrowing, however, no amount of laws or regulations can thwart

those with mischief in their minds. If you are unlucky enough to deal with a

crooked loan originator, I hope you aren't too hurt by it.

Disclosures

Paperwork has always been daunting for borrowers at the closing table. Writers cramp

has always been the hazard of attending a closing. The volume of paperwork we are

currently required to provide is certainly detritimental to our forests!!!! The US goverment

owns a lot of forest !