Judge Rules In Favor Of Federal Reserve Board, Leaving Brokers Out To Dry

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Real Estate Agent 276682
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                                        Steve Fingerman, E Loans Home Mortgage

Steve Fingerman

President

NMLS #276682

E Loans Mortgage Inc

4117 Mariner Blvd

Spring Hill FL, 34609

Office 352-688-7949 Cell 727-946-0904

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Topic:
ActiveRain Community
Location:
Florida Hernando County
Tags:
mortgage news
spring hill home sales
spring hill lender
federal loan officer compensation rules update
judge rules agains namb and naihp

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Rainer
169,206
Herb Johnson
Access Capital - Florence, KY

I've been following this for a while and have a hard time believing how this is happening. The large banks are the primary problem yet the government attacks the small mortgage broker and essessially puts them out of business.

Mar 31, 2011 01:16 AM #1
Rainer
63,319
Steve Fingerman
Spring Hill, FL

Herb, this completely leaves large banks to do what ever they want however they want. It eliminates competition, hurts the independant business person, kills jobs, and ultimately just like HVCC will cost the cosumer more money. It's astonishing that this is even happening, I never would have thought I would see the day where government tells small business how to be paid, what to paid, and the manner in which you can and can not pay someone. Another unintended consequence of this thing is, if I want to sell my small business which happens to be in the business of originating loans under these new communist rules it will be illegal for a value to be established on the basis of the revenue or profit of my company because that would be a proxy to being paid based on loan terms! Wait What? WTF? I didnt believe that one myself, but while on a webinar with the Federal Reserve, their chief Attorney Paul Mondor (who by the way you can find on facebook) actually not only confirmed this to be the case, but himself admited that "profitability is somewhat problematic under these rules" I CAN NOT BELIEVE THIS CRAP IS HAPPENING. Wake up ladies and gentlemen, you enjoy your commision right? Well you will probably be next at somepoint in the not so distant future. Imagine this, you bust your but for a buyer or seller, get through every challenge, every hurdle, answer and field the calls at 11:30 at night, work work work to get it closed....and at the end of it all, that $5,000.00 commision, well you can only be paid a flat rate of $500.00 the rest goes to the house now. Hint (House is TOO BIG TOO FAIL BANK). Good Luck to us all!

Mar 31, 2011 01:26 AM #2
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Rainer
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Steve Fingerman

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