Tony, looks like you have found your way around active rain. Awesome. I am in the group. Invite alot of guys, I will look around and invite some too.
I spoke with Chris Ciapciak from Wells Fargo today about there new Mortgage Broker Fee Disclosure. This is a pre implementation of what is going to be passed into legislation. Chris said that the OCC held a meeting with all CEO's of Wholesale lending institutions and kindly asked them to start putting this New Disclosure in place.
It looks like it is a done deal no matter how much NAMB protest's. The Banking Institutional lenders are all laughing and throwing a big party this weekend. The understand that this is a major battle won for them.
Here is what kills me, Banking institutions have called for this kind of legislation for a very long time and now we are in a so called credit crisis they have all pointed the fingers at us like we caused the foreclosure problem. This is totally bogus but they are no preying on consumers by getting this legislation envoked. They know that this new disclosure will ultimately cause confusion in the consumer world and it will make us look like a bunch of crooks because we have to reveal our exact dollar figure of YSP and they don't have to reveal anything, but they get to make the SRP. They know that consumers do not know about SRP. Shoot I have been in the mortgage business 10 years and I didn't know what SRP was until a year and half ago. Did you know that most banks get paid 3 -5% on SRP. So banks can afford to absorb the up front fees like underwriting and things that we have to charge. So on a Good Faith Estimate it looks like they pay for everything and yet they still don't look like they are making anything because they don't reveal any of their premiums.
The cool thing about Active Rain is that there is alot of google juice to it, so you can write an article about this stuff and there is a good chance that some one searching on the internet about finance information may stuble across you article. So make sure you put the word mortgage and banks and lending and things like that in your articles and you may get read outside of the Active Rain community.
I will be looking for your next post