PETITION TO STOP THE FED ORIGINATOR COMPENSATION RULE: Realtors & Real Estate Agents - You're Next!
The word needs to get out on this so the fastest way is to re-blog the post.
Thanks Donne for bringing this to our attention.
I subscribe to the daily webcasts of Think Big, Work Small (TBWS), which is hosted by these two guys, Brian Stevens & Frank Garay. TBWS was founded a couple of years ago by a bunch of real estate and mortgage people who wanted to teach others in the business how to work smarter to grow their business.
This morning's video was especially interesting because it was a segment on the New Fed Rule that goes into effect next year. The results of this new rule will not only eliminate competition for consumers when shopping for rates but it will also allow the big, national, retail banks to monopolize the market and once again reducing choices for the consumer.
With eight years experience as an MLO, I can assure you that many of the buyers and homeowners that I have assisted over the years in a mortgage loan were unable to get a loan with a big, national, retail bank because these types of lenders simply don't offer the kinds of affordable home loan options that a mortgage broker or mortgage banker can offer.
You don't need to be a Mortgage Loan Originator (MLO) to know that the implementation of this rule is not only bad for the mortgage industry but bad for anyone in the housing and/or real estate industry as well as the consumer. If you think that government intervention will stop at the mortgage industry, you are delusional. We've already all seen what the government has done to the compensation of appraisers. As soon as they finish regulating the compensation of MLO's, they will go after Realtors and real estate agents next.
No professional in the housing and/or real estate industry will be exempt from government intervention on how they are paid until the big, national, retail banks have completely monopolized the entire industry. So I urge all of you to please make a statement and complete the petition below to make sure our voices are heard.
Anyway, here is the video regarding the segment I was referring to and I hope you enjoy it as much as I did. I want to also suggest checking out some of their more recent ones too as well as their blog threads. Very interesting discussions going on.
Petition to Stop the Fed Originator Compensation Rule
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Donne Knudsen
Mortgage Loan Originator - Cobalt Financial Corp.
NMLS# 249822 / DRE# 01364050
805.5278554
E-mail Blog
Serving low-medium income individuals and families as well as first time buyers with their mortgage needs including down payment assistance
Los Angeles County -- Ventura County
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