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Consumers stabbed again!

By
Mortgage and Lending with Christensen Financial Mortgage 385907

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.  

Comments (4)

Dan Edward Phillips
Dan Edward Phillips, Humboldt and Del Norte Counties, CA - Eureka, CA
Humboldt and Del Norte Counties, CA

Good Morning Jay, your opinion is appericated, thanks for sharing it!

Apr 06, 2011 12:55 AM
Jay Beckingham
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!

Dan,

thanks,

freedom of choice, an age old fundamental, in my opinion.

Jay

Apr 06, 2011 01:06 AM
Pat Murphy
Lien Search Pro - Sarasota, FL
Short Sale Negotiator

I agree here.  With a former mortgage broker in the family I've watched the changes affected them greatly and eventually cause them to just give up and let the license go.

I understand that there are unethical people out there who take advantage of consumers, however it is not ALL OF THEM. There are are honest, hard-working, dedicated mortgage finance people out there who are merely trying to provide a service, receive reasonable compensation and truly receive joy from helping people fulfill their dreams of owning a home.

Pat

Apr 06, 2011 01:17 AM
Jay Beckingham
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!

Pat,

boy do i agree. there are also unethical, unlicensed mortgage "professionals," and i use that term with some reservation, in the banking industry. BUT consumers do not need any protection from them.

veeeeeeeeery interesting, but stupid, in my opinion.

 

thanks,

jay

Apr 06, 2011 01:43 AM