How to describe the 2010 story?
With one word. Regulatory!!
Consumers? The Feds wish them oh so well!
Yes- but good intentions pave the road to hell.
To punish the villains of our industry,
They devised a plan of transparency.
Brilliant ideas- That HVCC,
And a new "comprehensible" GFE!
That form is now so simplified,
That everyone is mystified.
Each lender sees it differently,
What do we do with the YSP??
What dates? Which blocks? Are we compliant?
On HUD guidance we're all reliant!!
On what day can we sign our docs?
For each thing there are different clocks!
A three day wait....do we start with zero?
When closing docs go out we're the hero!
We've never seen so many quirks!
No one's sure how this all works!
It's even hard to know who to ask
Whose job it is for each task!
When to collect borrower's fees?
Must we re-send new GFE's?
Paperwork brings us to our knees!
(We're all killing so many trees!)
Re-verify jobs and then- once more,
Employers hate us by the score!
When was the appraisal sent?
Where's that fully executed document?
Our government in its benevolence,
Doesn't use any common sense.
The only ones who are helped at all,
Are those supplying the alcohol!
Happy New Year!
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