I'd like to give credit to the original author, but a bunch of different loan officers forwarded this to me and I can't track down an author. It seems to be "anonymous." If anyone knows any better, please let me know!
You know... I thought I posted this on Christmas eve. Now I see it was in "draft" mode.
Bummer. Well, it's still funny...
T'was the week before Christmas
When all through the lands,
LO's and Closers were wringing their hands.
RESPA changes are coming,
They all started to worry,
We'd better get trained,
and get trained in a hurry!
We all kept on hoping
There would be a delay.
But HUD said, "No Way," it's all here to stay. "
We love our new HUD And our new GFE,
Don't fret, don't worry, it's as simple as can be."
We all shook our heads,
Threw our hands to the sky.
What were you smoking?
You must have been high!
You took a one page doc and you changed it to three!
Easier? More simple?
How can that be?
The Regs don't match up, So now what do we do?
HUD says, "No comment, It's all up to you."
No info on TILA, HMDA, REG B.
We are totally screwed, why can't they see??
In a time when some borrowers think lenders are scary,
You've given 3 pages to make them more wary.
This doesn't make sense, Not one little bit.
We are all trying hard to not throw a fit.
So we will all do our best to put borrowers at ease.
But make more reform, please, please, please!
Please bring someone in who knows what to do.
What is best for both borrowers AND mortgage lenders too.
We are all still waiting,
Though not holding our breath
And hoping the government doesn't "Reg" us to death.
Personally, I am just stunned with the new GFE. I can't believe how the yield spread is displayed to the borrower so it looks like a cost.
In these lean times, I originate mortgage loans on the cheap. I'll take 1% on a loan and that's it.
I don't charge a processing fee and I don't charge for credit reports.
But I still don't think my client needs to know what I earn in commision. What I earn in commission is irrelevant.
If you call 500 different lenders, and I end up giving you the lowest rate, then use me. If I get paid a $20,000 commission-- why should that upset you, as a client?
But it does. Many clients hate the idea that I earn a decent living, no matter how much education and training I have.
They don't do this with thier carpet cleaners or their mailman... And I doubt anybody has ever walked into their bosses office and demanded a pay decrease.
But with my commission being displayed for the whole world to see; that's what I can look forward to.
So I will ask all of my clients the same question: Yes, my commission is 1%.
The guy down the street has a higher rate and closing costs, but his commission is only going to be 1/3 of my commission.
Would you rather take the higher rate from the bank down the street?
No?
Okay, then what I earn on this deal is none of your concern.
If you don't like it-- find another mortgage broker and pay more money for your loan. I don't care.
And yes, I realize that my clients can find this article and read it.
Good.
Because I don't want to deal with people who haggle about my personal wages. What I earn is nobody's business and it sickens me that the new laws make me divulge that personal information.
Next, grocery stores will have to tell us how much they pay for canned peas, so we can decide if we want to pay the profit margin, or just go hungry out of spite.
Just...plain...stupid.
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