There is much new regulation coming down the pipe for the mortgage industry with Regulation Z changes, and RESPA changes; many of my peers are beside themselves and raving mad about the changes. In the next years many of the rules that hold professionals in the mortgage industry accountable will become stricter. This may sound crazy, however, I invite the changes with open arms.
Why are Mortgage Professionals any different than other professionals? It is my job to be as exact as possible. Wouldn't you be upset if an engineer or architect got "close" to building the road or building correctly? If you got in any legal trouble you'd be hoping your attorney got better than "close" on the facts. Certainly if you were sick and needed an operation you would be looking forward to your surgeon being well prepared and informed in the profession he chose, and was exact on his procedure.
Long gone will be the days that someone can make a living in this profession without knowing what they are doing. Also, I truly hope that those who made boat loads of cash by misleading their clients have also left the industry. To be a professional means that you study the trade, learn the rules, and know you business just like other professionals. The public has requested more attention to detail in the mortgage profession and I for one think that's what they should get.
While I am not a fan of rules, regulation, and government intervention, I also believe that the clients should be protected. We have gone way to long with many making a bad name for few. I think it is time for those many un-professionals to play by the same rules that the true professionals have been playing by all along. If these rules will weed out the un-professional, and protect the clients, than I welcome them with open arms.