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87 Comments on New Rules For The Lending Industry....And Everyone Around It!
you mean that borrowers should actually have the capacity to repay a loan? what a novel thought!
good post!
Jason,
This is how it should be, you did good! :)
Dan Cummings........
Yeah Kelly, imagine that:-)
Lol, thanks Paul.
Michael - You hit it man, I could/eventually will go off on a tangent on the elected officials of the cities, states, & country we live in. Just chip in on bail when I go to jail:-)
Suzanne - Thank you my dear, work off that candy yet?
I have seen a lot of issues with pre-payment penalties recently. Consumers need to be very careful to always ask what pre-payment penalties, if any, might be in place on the loan program they select.
Jason, it is a damn shame that personal finance is rarely taught in high school or in most U.S. colleges. While Freshmen suffer through Economics 101 understanding little beyond the supply and demand curves and maybe grasping the concept of net present value, when it comes to personal investing, credit, mortgages, etc., our educational system is severely lacking. How about a nationwide mandatory high school program on personal finance? Something that would prepare people for the real world! Just don't set up a government committee to implement and run the program.
Also, I agree that Realtors should sell real estate and lenders should make loans, work in partnership -- but never cross the streams -- it could cause total protonic reversal!
For years the banks have tried to get into real estate brokerage at a nation level avoiding the state laws and have not been able to get that bill passed. Now they are trying to eliminate mortgage brokerage. On one hand they say that the increase in competition is good and on the other they are trying to restrict competition. It's all about the banks making more money.
Good stuff. I am particularly fond of teaching 'Real World' stuff in college. Learn about credit and buying a home!
But why start in college.... responsible money can be taught in elementary. Savings and beginner money management (why we are not buying every toy you see at the store) can be taught in middle school. Advanced money management in HS.
Great post! You hit the nail on the head!
Denise Worsley
MPNC
Right on Ginger!
Kirk - It's good that it is working out for your agents and hopefully the clients. In my opinion though, it's a conflict of interest. Thank you for your input!
Marlene - Never considered it a timesaver, I may be onto something:-)
Bob & Carolin - Thanks for reading.
Brian - It still boggles my mind, I only hope some players in the Education Field are reading.
James - I have heard they've been trying to do this for years, my guess/hopes are that they will again fail.
Martin - Good point, that's very true!
Jeanean - Thank you.
Denise - Call me 'The Hammer.' :-)
Brandie - I'm familiar with Broker Outpost, maybe I've run across you there before.
Hey Jason,,,I don't mind spending time reading all of your posts, they certainly do offer more than just charts and numbers for the masses. Good job here on this one as well. I know of many in the mortgage business who are on a long walk somewhere else right now, selling copiers, waiting tables, back to doing home improvement. Its good to have a correction every now and then, it keeps the systems honest..With your permission I have copy and pasted some of your content into a booklet I am making for buyers and sellers to read in the lobby, or even reference to it in links in my OTHER BLOG...Who owns this stuff anyway
Well said, well written, good stuff. It's good to see you back around here.
Glad to see you are back! I knew you had it in you and give it time and the business will arrive from this site!
Todd
Great post. You tell it like it is. I appreciate that very much.