Important Follow Up to Regulation Z
We know the Fed does NOT understand the negative effect that the proposed changes to Reg Z will have on consumers as well as the entire industry.
Mortgage brokers and loan ALL originators now face an attack on the base of their compensation. This proposed rule will actually end up hurt the consumers it is meant to protect!
As an industry we all must step up and take action immediately. R-1366 effects ALL Loan Originators, brokers, lenders and bankers alike. We all need to demand clarification and request for comments to be re-opened. This bill puts the mortgage industry in jeopardy and will have a trickle down effect to Real Estate Agents.
What can you do?
- Go to this site now: Lenderama and read the position statement under Action Items.
- Take 5 minutes to post to all your social media
- Send 5 letters out SEND LETTER (also provided on Lenderama)
- Call 5 of your colleagues and get them to spread the word SEND EMAIL
- Listen to this shocking Call: Federal Reserve Attorney Paul Mondor
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