The Unaudited, Unaccountable Fed are at it again!
Are we really going down the road in AMERICA when we can say you can not name your price? Furniture sales people, Airlines, Florists and every other industry in AMERICA sets a price, finds the consumer, agrees on the transaction and then puts forth the product or service and are compensated for profit. The economic engine of our society is capitalism. Creating goods and services and selling for a profit. Would this be the first limiting of incomes and profitability in the history of AMERICA?
I'm talking about the proposed rules for the new regulations by the Federal Reserve.
The Fed is trying to implement new rules that will turn us into order takers - all in the name of consumer protection!
I am all for consumer protections as a matter of I spend LOTS of time with my clients reviewing and answering questions on disclosures often multiple times. What these proposals will create are online shops with zero client care, no explanation of disclosures, an enormous amount of sticky "sign here" tabs and highlighted lines.
If I can make a comparison made between our business and that of a Lawyer... The Fed wishes that all loan officers have to create a "flat fee" for our services. In a attorney/client relationship it would cause people to go to the less expensive lawyer where in many circumstances the lawyer may either have less training or processing a higher volume of clients resulting in inferior results.
This is just a way for them to Socialize our services and Mortgage Planners... In the end people are going to lose... They will lose out on homes they are trying to purchase, rates they have locked, and much much more as the low ball lenders will promise the world for low bucks and deliver late if at all on what the offer due to their high volume "all you can eat" approach... In the end the government wants us to McDonaldize our services and treat the customer like we are serving them hamburgers. Frankley I am not interested... I will not become another order taker... (No offense to McDonlad's, its employee's, or it's Franchise owners as Ray Croc was a great business revolutionist and aspects of his business model I do live by...)
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