The Banks are bankrupt, yet WE the tax payer are lending THEM money to make them bullet proof!  Let me ask you something? IF this economy effected you, as it has banks, and you were bankrupt, would the BANKS lend you (a working tax paying individual) money?   Ha haaa ...   OK if you are a banker, you can stop laughing now!  If you have fallen on hard times and have tried to get a loan, you know EXACTLY what I am talking about!    READ THIS INFORMATION CLOSELY, because it WILL effect you!!!

If someone told you, "You work in a public service related industry, so we want to make your credit report PUBLIC RECORDS, is that ok with you?"  what would you say?

I wrote a letter to FAMB (Florida Association of Mortgage Brokers) to take a stance on what politicians are trying to do to get rid of Mortgage Originators and create a monopoly for the banks!!

You know, if they are going to start requiring that ALL people working in the mortgage industry be licensed, that is FINE, but BANKERS should not be exempt from this ruling!   It seems that everything that changes is geared towards driving loan originators out of the industry and keeping a monopoly of the BANKERS IN, following different rules!

The craziest part is that they want to MAKE OUR CREDIT REPORTS PUBLIC RECORDS!!!  How insane is this???!!!   Why don't they just make EVERYONES credit public?  With identity theft, are they NUTS!!!?  Last I checked, WE THE TAX PAYERS, pay our politician friends salary, so WHY aren't they as ANXIOUS to make THEIR credit report public???!!!  After all, WE elected them, and WE pay them!   How about the BANKS that the tax payers have given BILLIONS of dollars to?   I don't see them making THEIR employees credit reports PUBLIC RECORDS, yet we give THEM an infusion of cash!!

The real question here is this, ask ANYONE if their credit reports were going to be made PUBLIC for the world to see, "how would that sit with you?"   My guess is most people would say "ABSOLUTELY NOT!"

I am asking that you make these issues AWARE to the general public. They should know what is going on secretly behind the scenes and how this WILL effect them in the end!  If they eliminate smaller mortgage firms, they will eliminate consumer choice, and give the banks more of a monopoly to charge whatever they want!  Anytime monopolies are created, it's BAD for the consumer!   Here we are giving them all of our cash, and the legislators are helping them play God!

Mortgage loan originators aren't the bad guy, they keep the BANKS honest!

see below for more information from FAMB...

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Florida Passes Mortgage Licensing Legislation

Florida's legislature passed legislation affecting Mortgage Loan Originators and mortgage lending.  The most significant of these is SB 2226, an almost complete rewrite of the current law outlining the duties and responsibilities of Loan Originators.

The Florida Association of Mortgage Brokers has offered its members a Webinar, presented by FAMB President Valerie Saunders and FAMB Executive Director Frank Cicione, onWednesday, May 27, 2009to describe how the revisions made to FS494 will change the way they do business forever. 

There are several controversial portions of SB 2226:

It gives Florida mortgage regulators the right the request a copy of each mortgage licensee's Credit Report and use it as a possible reason for denial of issuing or reissuing a Loan Originator license.

It increases the amount of equity required for a Correspondent Lender to obtain or retain their correspondent lending license.

It mandates state licensing and annual license renewal for all Loan Originators currently working for Mortgage Brokerage Businesses, Mortgage Lenders, and Correspondent Lenders.  WHERE ARE THE MORTGAGE BANKERS MENTIONED IN THIS!?

It mandates state licensing and annual license renewal for Loan Processors who currently work for Mortgage Brokerage Businesses, Mortgage Lenders and Correspondent Lenders.

And please remember, remind your Florida Senator and Representative the licensing legislation passed this year did not protect Mortgage Loan Originators' credit reports from disclosure through the public records.  If legislation is not passed by the Florida legislature next session and signed into law by the Governor our credit reports will be open for everyone to see.

On Fri, May 22, 2009 at 8:34 AM, Florida Association of Mortgage Brokers <publicrelations@famb.org> wrote:

News from the Florida Association of Mortgage Brokers

May 22, 2009                                           Issue No. 120

FAMB Government Affairs Update by Tom Morcom, Committee Chair

Florida Passes Mortgage Licensing Legislation

Florida's legislature passed legislation affecting Mortgage Loan Originators and mortgage lending.  The most significant of these is SB 2226, an almost complete rewrite of the current law outlining the duties and responsibilities of Loan Originators.

The Florida Association of Mortgage Brokers has offered its members a Webinar, presented by FAMB President Valerie Saunders and FAMB Executive Director Frank Cicione, onWednesday, May 27, 2009to describe how the revisions made to FS494 will change the way they do business forever. 

There are several controversial portions of SB 2226:

It gives Florida mortgage regulators the right the request a copy of each mortgage licensee's Credit Report and use it as a possible reason for denial of issuing or reissuing a Loan Originator license.

It increases the amount of equity required for a Correspondent Lender to obtain or retain their correspondent lending license.

It mandates state licensing and annual license renewal for all Loan Originators currently working for Mortgage Brokerage Businesses, Mortgage Lenders, and Correspondent Lenders.

It mandates state licensing and annual license renewal for Loan Processors who currently work for Mortgage Brokerage Businesses, Mortgage Lenders and Correspondent Lenders.

And please remember, remind your Florida Senator and Representative the licensing legislation passed this year did not protect Mortgage Loan Originators' credit reports from disclosure through the public records.  If legislation is not passed by the Florida legislature next session and signed into law by the Governor our credit reports will be open for everyone to see.

Florida Association of Mortgage Brokers has partnered with the National Federation of Mortgage Professionals (NFPM) to expand participation in the Federal Legislative and Regulatory process

Federal Government Moves to Eliminate Yield Spread Premiums

The Mortgage Reform and Anti-Predatory Lending Act Passes in the U.S. House

The Mortgage Reform and Anti-Predatory Lending Act, (HR 1728) was written to stop mortgage originators steering consumers into higher cost loans for higher originator income.  The impact on Mortgage Loan Originators and Consumers will be to:

Eliminate loan originators receipt of yield spread premium

Further limit types of mortgage products offered to consumers

This bill has been approved by the U.S. House of Representatives.  This bill has not been considered by the United States Senate but is expected to be considered in future months.

Watch this space for steps you can take to help protect lenders ability to pay Mortgage Loan Originators Yield Spread premiums and help retain consumers choice the type of loans available to them.

Go to www.famb.org for exhibitor registration, hotel reservations and the brand new FAMB Widget.  Place the FAMB Widget on your company webpage, Facebook, LinkedIn, blog or other social media networking site for instant updates and a countdown to the 2009 Annual Convention & Trade Show.

For more information visit FAMB...