Good Morning...Here is today's market update from the Think Big Work Small Guys. Today the boys have a very interesting discussion on new lenders compensation rule. On December 16th the Mortgage Banking Association sent a letter to Ben Bernanke and the Sandra Bronstein, of the Federal Reserve, asking for clarification on the Loan Officers Compensation Rule which is open to blurred interpretations in many areas. This is forcing lenders to be very conservative in their actions, and will lead to higher fees for consumer. This rule leaves lenders fearful to move forward since they don't know what the tolerance threshold is, and is hindering home ownership which in turn is hurting our recovery. This call for clarification is backed by The Office of Advocacy established by Congress to represent the views of small business entities and requires rules and guidlines be spelled out in plain english. By not complying the Federal Reserve is working outside the law.
Video: Think Big Work Small
Disclaimer: If you prefer reading your news over a cup of coffee in a relaxed atmosphere or your family's sense of humor gene skipped a generation, don't watch the video; these guys talk fast and are high energy.
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