Okay, the battle over Reg Z changes (Loan Officer Compensation) is over, maybe not totally, but the newest changes are effective NOW, actually yesterday.
Here's some simple facts (as I see them)
Less Competition
Previous to last year, as regulatory changes forced me to acquire a mortgage brokerage license, I had not had one for about 20 years. I didn't need it as I was a licensed mortgage lender. BUT
I did know and respect many brokers, not all, who were providing valuable services, and alternatives to consumers, and doing it in a very professional manner. Some of these mortgage professionals have left, or will be leaving the industry. That's sad.
Also, with the newly established
wage and price controls
courtesy of the Fed, some companies will close, as they will not be able to survive financially. To me
Fewer options for the consumers is not a good thing, period. They should be allowed to choose.
Just another thought here. If you thought acquiring smaller mortgage amounts was difficult before, well hold on to your hats, because I believe it just got more difficult, if you can imagine that.
Shame, shame, shame
on those in our government who limit consumers choices out of kindness to them. When I say that I mean that some have the feeling that individuals need to be protected from themselves, that they're not capable of making intelligent decisions, that they can't determine what's best for them. So, we'll make laws to protect them, even if we legislatate away, possibly, their only choices.
well, big brother knows what's best, doesn't he? well doesn't he?
I have a tendency to take a look at who benefits the most when significant changes take place.
You all know the answer to this one, don't you.
A little hint here, it's not the consumers, in my opinion.
My conclusion is that the law is the law, and we're going to have to live with it, as long as it's the law, but I just can't help but feel that the
Consumers got stabbed, again.
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