REALTORS work in the ultimate pay for performance environment. We don't get paid if we don't perform and we are held accountable for everything we do. So, if we are held to the high standard of care and ethics (NAR Code of Ethics), shouldn't the rest of the players in the system also be held accountable with a similar performance expectation?
FHA is taking unprecedented -and long overdue- steps to protect taxpayers from the fast and loose practices that some lenders have engaged in during recent times. The FHA has plans to implement serious credit policy changes to enhance risk management. I have always wondered why an organization like the FHA did not have the same safeguards that a major business would have like an effective Risk Management office with accountability & consequences.
Well, there is a new move toward accountability. The FHA has announced plans to hire a Chief Risk Officer for the first time in the agency's history. Another big plus is the policy shift toward responsibility for mortgage brokers; moving it away from taxpayers to the lenders who use mortgage brokers.
Someone really is paying attention to ethical, reliable and productive practices. For a more in depth understanding of the changes that are coming visit the NAR link. Hot Link