This is a MUST READ for MORTGAGE BROKERS...Nationwide!

THIS IS ALSO A CALL TO ACTION FOR ALL MORTGAGE BROKERS ACROSS THE US!

First off, DO NOT allow Politicians, The MEDIA and others to discount what we do as Mortgage Professionals. We bring value to the table for each of our clients on a daily basis. Many of us could create a lengthy list over the years of the people we have helped in times of need and desperation. We help our clients make sounder financial decisions on the largest investment the average American will EVER MAKE, their home and mortgage.As in any industry, a few bad apples can spoil the bunch. Many of us know that the Mortgage Companies and Brokers referenced in the media are not around anymore, leaving the "true professionals" to pick up the pieces of a tarnished industry. Meanwhile, the puppets in Washington that have no business dabbling in economics continue to disregard what is in the general public's best interests...

Make no mistake about it, with regards to Consumer Financing...

Knowledge = Power

Ignorance = Poor decision making and allows for greed and corruption to exist.

Are we not noticing that our way of making a living as Mortgage Brokers is changing before our eyes, in light of the finger pointing and the "who is to blame?" game for the woes of the mortgage, lending and housing industries, respectively?!

The consumer sentiment and crying of the media have led to irrational decisions, lobbying and the "BIG BOYS", I.E; major U.S. Banks, gaining the much desired power over consumer mortgage financing options.

Just when we think that lenders can't tighten any further, a huge announcement by the conforming agencies and the Attorney General of New York was made last week that will serve to complicate the origination of mortgage business across the United States significantly.

As Mortgage Brokers, when we bring our clients to a major lender, that lender will esentially be a competitor for our repeat business already. According to Fannie and Freddie, we will soon (probably 3-6 months out from now) have to go to the lender and have them select the appraiser for our borrowers. This not only means you may not be able to switch lenders without additional costs...the lender could now control data that puts them in position to capture the loan. They are just one step away to their domination plan and removal of Mortgage Brokers all together. Why? Less competition for the banks and Mortgage Brokers to explain financing options to ignorant and falsely led consumers by TV ads and the such will lead to larger profits off of consumer ignorance. In other words, GREED!

Might I remind you of the infamous slogan that led many consumers across the US into bad decisions...

Lost another loan to ???!!!

The Appraisal changes come in light of the finger pointing and "who's to blame game" for the woes of the mortgage and real estate markets. The theory is that Mortgage Brokers will not have influence over "hyped up values" on homes, which leads to a "falsified market." Ummm...I've never influenced my Appraisers to "come into value" on a clients file with a false number. In fact, none of my Mortgage Broker collegues have EVER imposed values of "what a home should be worth!" to an appraiser. Why would each state have licensing requirements for Appraisers if they are not to be trusted to begin with? Regardless of who orders the appraisal of a home, the following will ALWAYS hold true...

There will always be bad mortgage brokers...as most of us know, those "fly-by-the-night", "make a quick buck" individuals are long gone...

Appraisers are always trying to gain the business of someone, regardless of it being a bank or a Mortgage Broker.  If a particular Appraiser that the bank chooses seldom "comes into value" to make the loan work, will the bank continue to lose loans or will they find someone else? Hmmm????

Where is the National Association of Mortgage Brokers on this topic?

Such a large group with the influence and power make our voices heard...or not...

Scott Gormley

Broker/Owner

Oak Valley Mortgage

Direct: 530-592-8362

Fax: 530-592-8362

Email: Scott@OakValleyMortgage.com

"You Find the Perfect Home, We'll Find the Perfect Loan!"