Proposed Bill R-1366 will put mortgage brokers out of business!

Did you know that there is a proposed bill that would put mortgage brokers out of business?

Regulation Z - [R-1366] is that bill.

R-1366 eliminates consumer choices by eliminating Yield Spread Premiums which would not allow mortgage brokers to offer consumers zero point or reduced fee loans. The banks will not be effected by this new law and would still be able to offer consumers zero point loans and reduced closing cost loans.  The competitive disadvantage could put mortgage brokers out of business.

I believe this is just another big bank ploy to eliminate a sizable amount of their competition.  Can you say --> End to competition?  Whatever happened to Democracy, free trade, and competition?  The government is putting is regulatory hand into everything!

R-1366 is in the Comment stage until 12-24-09 (Merry Christmas) and failure to take five minutes, right now, to make your feelings known could put you out of business or, as Realtors, will seriously limit you client's financing options

Make Yourself Heard To Stop R-1366

1. Click Regulation Z - Truth in Lending - Closed-end Mortgages [R-1366]
2. Scroll down to:
   • Regulation Z - Truth in Lending - Closed-end Mortgages [R-1366] Proposed amendments that would revise Closed-end mortgage disclosures to highlight potentially risky features such as adjustable rates, prepayment penalties, and negative amortization and prevent mortgage loan originators from "steering" consumers to more expensive loans Closing date for comments: 12/24/2009
     Submit comment on this proposal
3. If you want ideas on what to write you can view all the present comments at: View comments on this proposal  You also have my permission to cut and paste anything on this post that you feel is appropriate.  Please reblog to get the message out to as many people as possible.
4. It is not necessary to write much because someone is just going to count the number of comments for and against.

Actually I urge you read some of the previous comments.  A few are off the chart as you could expect but most are thoughtfully made by intellegent people whose comments make me proud to be associated with them in the same industry.  The same type of people who actively participate in AR.

:)
Matt

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