I've not been able to find the proposed legilstation that purports to cause the following but the invite from the Washington Association of Mortgage Brokers looks legit -
Wamb is asking all of our colleagues in the mortgage industry to go to the website, AND pass this on to everyone you know in the mortgage industry.
We need as many people as possible to come and listen to the impending legislation that will affect EVERYONE in our industry, and in turn hurt our wallets, but most importantly, hurt our clients with unintended consequences. This it not something we can ignore.
Item 1: Mortgage brokers may no longer fund loans on a correspondent basis or on a warehouse line after June 12, 2008.
Item 2: In the 4th quarter of 2008, we can no longer collect rebate or YSP. It must be given to the client.
Item 3: Escrow will have to advise clients on the suitability of each loan at the closing table.
Item 4: Mortgage brokers will no longer be able to order appraisals from the appraiser of their choice.
Go to this link:
http://wamb.org/cde.cfm?event=214955
Northwest Chapter General Meeting
Date Start End Location
22 May 2008 5:15 PM 9:30 PM Embassy Suites Hotel, Lynnwood, Washington
20610 44th Ave West
Lynnwood, WA 98036
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