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One thing I have been saying repeatedly about regular mortgages, is that they should REQUIRE counseling prior to all mortgages, just like the requirement for counseling prior to getting a reverse mortgage. What do you think? I know it would not have prevented all of today's mortgage problems, but might it have lessened the foreclosures? Might it have lessened the cliff we fell over? Making sure people were doing the right thing, lessening the rip-offs tactics that some mortgage brokers utilize just to get a mortgage. Just a thought to help prevent or at least lessening the chance of our current market situation from happening in the future.
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11 Comments on Require mortgage counseling on ALL mortgages, not just reverse mortgages
...and continuing education and registered licensing and a list of all "bad" originators, appraisers, title agents, etc. and a clearing house for good ones.
For an industry that works so closely with the single largest investment in a families life, I am amazed that it is so lax in it's policing.
Nice idea Ronald
Bo
It is a good idea, but I do not think it will work. We need to make it part of a GED, and part of the regular high School Curriculium. The lack of knowledge for general personal finance that is the cause for concern.
It's an idea, but one that would upset a lot of buyers. Some buyers need it ....most do not.
Bo, thanks, and I agree, there is not enough 'policing' of the mortgage industry! Robert, honestly I never thought about that, but that certainly could be good step in the right direction. Still, I'd like to have mortgage counseling, maybe in ADDITION to your HS curriculum idea! Travis, I would not be concerned about upsetting anyone! But about needing it, most do not? I'm not sure about that.....out of curiosity, what makes you think & say that? Do you think counseling would have at least LESSENED today's mortgage & economy problems? Wouldn't that be worth it for the future? I'll be interested in your reply! Have a great day!
I think that's a great idea Ron, thank for the tip!
Robert
I agree with you. Mortgages are very complicated and fees vary all over the board. You can't expect a buyer / borrower to understand everything when even some mortgage brokers and agents don't understand it.
Robert, thanks for stopping by & commenting - & your welcome!! Elizabeth, no matter how much you explain to some people, they may not get it, but I would think mortgage counseling prior to ALL mortgages just like required before ALL reverse mortgages would lessen, and who knows, maybe prevent a situation like today's mortgage problems, My 2 cents anyway!
Thanks everyone for stopping by & commenting!!
Hi Ron, Seems like a good idea. Perhaps it would be done with a a due diligence focus and maybe some way to add an opinion of suitability.
Ronald: Interesting idea. Some mortgage loan officers take the time to explain to their clients what they're getting. Most probably don't.
I think the idea has merit, but once again I am amazed that the responses are off base as to the problems. Mortgage brokers are licensed, must have continueing education and can only make loans that Banks accept per their guidelines. The problem isn't with brokers, it is with the banks that have massive political power and are trying to take over the mortgage industry. Add to that the politicans that pushed for less regulation in order to promote "fair" housing and we are in a mess. It would seem that the regulators, politicans and banks need the education and policing. They don't have continueing education nor do they care to.
Adding to the overload of information that borrowers must digest in a short period of time...I would say that counseling should be required IF the Loan Originator has not met with the client face to face AND if the LO is not a licensed and designated counselor.