Rules, Rules, Rules.....oh, by the way.....MORE RULES!- - - - I JUST WANT TO SERVE MY CLIENT!!!!

Reblogger Kevin Weaver
Mortgage and Lending with Fifth Third Bank NMLS #457556

Larry says it so well I have to share! Recently, I lost a client who said he didnt have time for me to follow the rules (Mortgage Disclosure Improvement Act) that he was going to someone who wasnt going to!  Some glorified telemarketer at one of the "Megabanks" wants to be a renegade apparently!

Original content by Larry Bettag NMLS ID# 158606

I want to blog and post more posts, but the reality is that I'm spending more and more time learning and learning and being so "damn defensive," that it's hard to serve.  Now don't get me wrong, but take a few moments and listen to my story.

I am a mortgage banker, but I've always been an attorney.  A licensed real estate attorney.  I have to abide by the code of ethics in order to remain a member of the Illinois Bar.  This means that I can't do things that are illegal, but I also, on top of everything, must adhere to an ethical code of conduct.  My favorite one is that I can't sleep with my client, unless I was sleeping with her prior to me taking the client on to represent her.  So I can sleep with and represent my wife.  But if I have a mistress, I can't represent her.


The government is out of control.  Had the government been doing what they should have been doing all along, we wouldn't have this disaster.  Now don't get me wrong.  Crooks are crooks and crooks need to be out of our business.  However, the government seemed more in love with writing rules than prosecuting those folks who were committing the crimes.  As a result of rule creating with no oversight, greed sets in.  Scam artists abound, Wall Street, Lenders, Realtors, Title Agents, Appraisers, and the Consumers run amok and we blow up our economy.


In the typical government fashion, the government overcorrects itself so that it's hard to be in lending and go to the bathroom without letting Uncle Sam know that I'm ready to take a leak.  Big penalities if I don't register that leak with someone.  If I pee too much, I'm out of tolerance.  If I pee too little, I'm out of tolerance as well. 

My dad, grandfather and three brothers are all doctors.  The government makes them practice defensive medicine.  Healthcare costs go up, up an up!  The same is true here.  The Fed says streamline the GFE rules.  This will make it more competitive for the consumer.  If a lender makes certain mistakes, then they have to eat the cost of the mistake.  Because we spend so much time dotting our "I's" and crossing our "Ts" we lose opportunity with our current clients and the opportunity to build more business.  It takes longer to do deals and, as a results, lenders, in general do less per month.  Cost go up.  Also, if I have to cover an honest mistake, then the costs go up as well because I need to build a reserve account to pay for some mistake that I've yet to make.

What's my Beef?????

I want to spend more time with my clients.  I love my clients.  I love serving them.  The government wants me to take care of my clients with honesty and integrity.  But all of this rulemaking means that I do just the opposite.  I'm a defensive practitioner because the government wants me to. 

I like my clients and they seem to like me.  I want to serve them, but everything I do is another rule.  It really is over the top and the customer, in the end, loses big time!!!!!

Here's the deal!

If the government would just prosecute the crooks, then there would be no need for its whiplash overcorrection.

I will say this.  Those who master the rules will dominate in the markets.  I'm fully convinced of this.  The markets will be dominated by those who master our new rules and regulations.  I'm really excited about this.  I know that my pity party left me a few months ago and I look at this as complete opportunity.  However, in the meantime, I have to grow eyes in the back of my head.  That is so wrong.

I'm off to the bathroom now.  First, I'll register this in a database, and then......blah, blah, blah.

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist


 Cherry Creek Mortgage Company - Saint Charles, Illinois 

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An Illinois Residential Mortgage Licensee

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