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Urgent Info, Please Read...New Bills Introduced Into The State?
Good Morning....more information ran across my desk.  One of my reps from my wholesale lenders gave me a heads up and I figured I would pass it along.  Below I wanted to share an important email from Bill Donivan, the president of  the central chapter of the Pennsylvania Association of Mortgage Brokers.  This, my fellow Rainers,  outlinines some major things going on in our industry.  Please take some time to read through and understand the proposed changes.  If passed, these changes would drastically alter life as we know it!
                                
 Hello Everyone,   We now have a crisis upon us. One that needs immediate action and understanding from each and every one of you. There have been two bills introduced into the state by consumer groups that will drastically alter how business in our world will be conducted. It does not matter if you are a broker, banker, loan officer, A.E.(rep), realtor, or title person, we must stop these bills. If not, then your income and future will stop. Its that simple.   House Bill 38 & House Bill 40 will prohibit "Stated Income" & "No Doc" loans. A "Cautionary Notice" must be given stating that the rate and fees could vary based on which LENDER and which BROKER ... more

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