A day that lurks in infamy among Loan Officers and Realtors.

A day that, literally, due to new RESPA Guidelines, marks the point in time we've reached in our industry where there will be a shopping chart on the Good Faith Estimate.

A shopping chart GFE which can be found here

Also, the new HUD that's going to change all of our lives as well, you can find that bad boy here

We knew as industry pros that things like this were coming.  The culture of 'fine print' was universally accepted until something other than fine print brought down our market:  GREED

Now, one of the more convenient scapegoats for GREED is the fine print.  So be it.  We'll produce GFE's that are SO easy to read, that IF, after signing one and closing, you still feel that you've been the victim of predatory lending, your cries will fall on deaf ears.

After all, you initialed the shopping chart/cart.  The ultimate icon of a consumers 'final answer'.

 

Jeremy G. Cohen

Infinite Title Solutions

Let's get ahead of these things as an industry and not miss a beat.

 
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6 Comments on January 1st, 2010.

NOV
08

Not sure if this is agood thing, but it appears to be the new reality.

2:55am • #1

Theodora:

It most certainly IS the new reality which is why the industry professionals need to group up, get ahead of this thing together and not let legislators who overprotect consumers take us down.

N'est pas??

Where are you from Theo?

3:00am • #2
424,407 Points 3 Featured Posts Outside Blog

Thanks for the information.I will check out the links.

3:52am • #3
847,275 Points 213 Featured Posts Localism Sponsor Outside Blog Hit Router

Are you referring to the "ON AGAIN, OFF AGAIN RESPA REFORM".

I've totally lost track of where and when there will be, if there will be, any reform. 

No matter.  I'm sure my AR folks will let me know when it's soup.

No matter.  If the government created it, it will be indecipherable to the consumer. 

4:47am • #4

IDK Miss Lenn, the reaction I'm getting from the LO's at the banks (not the Ma and Pa shops but the big boys), indicate this time it's for real.

I witnessed a sales meeting - First Hand - last Tuesday on how they would proceed with loans originated before and after the 1st, and how they would completely shift their approach after New Years to combat RESPA's latest assault on our ability to make a living.

The fact that the GFE ITSELF encourages the borrower to get three quotes (as seen on Page 3 of the hyperlink I provided) is pretty devastating to the morale of a sales team.

If they come for the originators now, they'll come for the realtor commission next.....

4:56am • #5
847,275 Points 213 Featured Posts Localism Sponsor Outside Blog Hit Router

HA!  What do you mean "next"?

Have you noticed that we had a multi-year litigation with FTC and DOJ?

Without the lobbying by the NAR, we'd all be working for minimum wage.

4:35pm • #7

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Jeremy Cohen

Miami, FL

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Infinite Title

Address: 8249 NW 36 St. , Suite 110, Doral, FL, 33166

Office Phone: (305) 592-1028

Cell Phone: (401) 524-1674

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