Once upon a time

By
Mortgage and Lending with Finance of America MLS 6621

Once upon a time......

Once upon a time in an enchanted land not too far away, there lived many happy Mortgage Loan Officers. They were happy because they worked hard and were able to help many people. One of the ways they were able to help many people was by rebating part or all of their commissions to the borrower for whatever reason they deemed, just like the Realtors. They were also able to charge less if they wanted to because it was up to them to decide just like the Realtors.sad

But one day, the mean overlords of this once enchanted land decreed that they must protect the borrower and no longer allow such bad behavior by the bad, bad Mortgage Loan Officers. The mean overlords said "if you give your customer any part of your money to help the with the closing cost or charge the customer any less than what you agreed to, we will put you in jail".  So the once happy Mortgage Loan Officers are now very sad because they can no longer help the borrower or deviate from the preset commission in any way.

                                                                         The end!!!!!!

 

Ok boys and girls, can you guess where this once enchanted land is or what it is called?  Yes, you are very smart.   IT IS the United States of America where capitalism once ruled the land and people of all kinds were able to work hard, make a living and help their customers any way they wanted to.

 

 

Comments (4)

Jack Hughes
Hughes Appraisal Group Inc. HUD/FHA Approved) - Lehigh Acres, FL

cute.The Mortgage and Appraisal Industry have going through many changes, some better and alot worst.Good Post

Jul 14, 2011 12:17 AM
Ray Waisler
Finance of America - Atlanta, GA
NMLS #6621 - Specializing in Jumbo FHA & VA

Jack - Unfortunately, there's more coming since the Frank-Dodd act is not due to take full affect until mid August and many of the provisions are still due to be "interpreted" by the regulating agencies. It's going to be interesting to see what they come up with next.  

Jul 14, 2011 04:11 AM
Trang Beuschlein
Homes for Sale in Campbell CA- Broker-BKR Realty - Campbell, CA
Campbell CA Real Estate - Campbell CA Homes for Sa

Ray, the recent regulations enacted to help the consumers are in fact hurting them.  Why do these folks think they know what is best for the consumers?

Jul 15, 2011 07:12 PM
Ray Waisler
Finance of America - Atlanta, GA
NMLS #6621 - Specializing in Jumbo FHA & VA

Trang - I believe it's like someone who cooks at home and tells the chef in a 5 star restaurant how to improve his meals. It makes no sense to me either.

Jul 16, 2011 07:10 AM