Government Policies Stifle Home Sales & Deflate Home Values
The Fed Rule and many other recent Government policies and codes have essentially stifled home sales and values. NAMB and NAIHP work together to postpone or eliminate the Fed Rule regarding Loan Officer compensation. Video commenting is now available here on the TBWS Daily Show to further enhance the community experience. Catch all your real estate news and mortgage news with Frank Garay and Brian Stevens here at TBWSDailyShow.com.
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why arent you guys covering the emerging market of eNotes and electronic mortgages in general with the mortgage tech conference right around the corner? Could be a real game changer for the small to medium sized originators if they could secure eWarehouse facilities potentially fighting off the mega banks and remedying LO comp structure proposed by the Fed. Not to mention that it dovetails into GSE Loan Quality initiatives and the ability to potential mitigate repurchase exposure–big hot buttons for the business
Five more days to make a real living …if you go back in the last few months and look at previous postings I asked you all to simply give 3 bucks a month and I would have a legal team to do a real loan officers union . Then on April one we would have all refused to write a mortgage. Well a few wrote to me but the majority sat back. I did this as a test only 3 bucks and we could make our own rules. Paid vacation, better insurance, you name it power in numbers retirement program. Well I want to thank all the loan officers out there you had a way out. I would have spent 80 hours a week trying to protect everyone and have a full time attorney staff. I will leave it up to all of you but I could pull this off if all 300,000 of the loan officers out there would join and give even $1.00 a month that is $12.00 a year. So with that said if a buck a month is too much I don’t know what to say but just go wash cars or something. If this is of interest email me at NLOunion@yahoo.com
Stands for nation Loan Officers Union.
As a real group we can make changes f not on April one soon after thank you DOITRIGHT
I found the Elliehausen report, thanks for bringing this to everyone’s attention!
Michael +1000 for that post. Really, these people and powers that be are not acting rationally when there’s so much freedom and liberty at stake. Now what would make someone ignore reason and common sense in their path – an agenda? lol – the wind blew my fist in that direction. Sad thing is, both parties wrangle and fight over taxes and trivial matters but both agree to do absolutely no harm to their promoters – the elite. Tax cuts for the rich? No problem.
Stop making fun of my Commodore 64. Believe it not it runs the latest version of Point !!! LOL
The secret is that those in power DO NOT want the recession to end. DO NOT want anyone to succeed at anything. It is all part of their New World Order agenda. They are the elitists and we are the stinking masses.
Do not forget that Lenin (not the Beatle) said that the underlying theme of communism is the abolishment of personal property.
I know.. I’m crazy, right? I’m not a conspiracy nut. But open your minds and try to figure out another reason that even moderately intelligent people would do what they are doing? You can’t. It all comes back to collapsing the worlds greatest country, which uses Freedom and Liberty as its economic engine and fuel.
Oh.. and BTW… if you ever get arrested for assault just tell the judge that you weren’t beating the daylights out of someone else, you were just participating in a “kinetic action” against them, then ask when you can expect your Peace Prize.
Angry? Yeah, I’m angry. We need 300 million people to get just as angry.
Need more reasons to hate the Fed? It seems everywhere I look there’s something evil it’s done with OUR money.
“However, previously confidential information recently made public by the Federal Reserve Board reveals that in the aftermath of the collapse of Lehman Brothers in September 2008, the Fed pumped in $5.4 trillion over a three-month period to keep the foreign-currency market from collapsing. The Fed’s peak injection of dollars on any one day occurred on Oct. 22, 2008, when it reached $823 billion, according to a Wall Street watchdog group’s, Better Markets, analysis of the Fed data release.
The extent of the massive intervention by the Federal Reserve is now public information only because the Sanders Amendment to Dodd-Frank, which passed the Senate 96-0 in 2010, required the Fed to disclose more details of its financial operations. The extent of the intervention is buried in a massive data dump released by the Fed last December and was recently analyzed by Better Markets. This finding was contained in a letter sent by Better Markets President Dennis Kelleher to Geithner on Feb. 25. In his letter, Kelleher wrote, “The data refute the claim that the foreign-exchange markets performed well during the financial crisis and thus should be exempt from regulation.”
Sen. Maria Cantwell, one of the most effective advocates for strong derivatives regulation during the Dodd-Frank debates, says, “I can’t believe the first decision the administration would make to carry out Dodd-Frank would be an anti-transparency decision. The idea that the foreign-exchange markets are not at risk is preposterous — we now know that they required multitrillion-dollar bailouts. Anytime you have a lack of transparency, there is potential for abuse.” ”
$5.4 TRILLION!! OMG !!!
The article is called “Blowing a hole in Dodd-Frank”
The only thing that will fix these problems is to elect Pro-Business Republicans in the Senate and hopefully In the White House. Everything else is just a few drops in the bucket.
The people who are running these agencies are 1960′ radicals, anti establishment fuzzy thinking lefties.
It time to Kick Ass and get them out!
Republicans are pro business allright –
Oil Business and Big Business.
Unfortunately, so are the Democrats.
60′s liberals running the government? That is not even worth a good laugh.
Hey Frank and Brian, maybe you should get your facts straight before suggesting realestatemarbles.com. I tried registering, woiuldn’t let me, then I got into a live chat, and they said they would forward a link thourhg my email, and nothing happened, and no response. And you made it sound Oh so easy ! Give me a break !
Why are NAMB and NAIHP not getting N.A.R. involved?? No one touches the realtors because NAR is so powerful. I have zero confidence in the efforts of NAMB and NAIHP. If they are not pushing for help from NAR I think it is their own egos wanting to be seen as big man on campus and protecting their own salaries. They should be pushing for help.
I agree Stephanie… I think NAMB and NAIHP should be lobbying NAR for help!
I agree but think of the this , they cant since it will show the whore in them . The NAR avts like we dont exist so that we can pay them rent . Once we all join together there will be n more Citi type rent going on to get around RESPA . I tell you this because I designed the lease back in 1994 for a very large I mean huge RE outfit and I was one of the first to set up the so called 1500 a month desk they call rent. The whole thing is so under the table it is crazy. Every RE broker and owner out there has been a whore to mortgage money and they get around the system stating is rent . NAR does not want to become one since that will ruin the relationship , it appears as the mortgage lender is an outside vendor when every time a Realtor refers that person that paid $ 20 a sg foot for or more per month has no realtion at all . They would be stupid to join us that will finally open the FEDs eye up to all the coruption that is our there with the inside mortgage person . Remember this I am right !
NAR is totally worthless as a lobbying organization on the LO Comp Rule. They know all about it but only got involved when they realized the affiliate language was problematic. Once the affiliate language issue became a “non-factor” they quit worrying about the LO Comp rule. However, the Affiliate language issue is still out there and NAR totally dropped the ball on this which is going to greatly impact their real estate brokers in the future but NAR is too stupid to realize this.
NAR has been lobbied hard by several associations but they are truly the epitome of clueless as to how government regulations impact the industry and their members.
If any association should be involved it should be the MBA who are following in NAR’s dysfunctional footsteps. Dave Stevens can’t get to the MBA fast enough as far as I’m concerned because they have turned out to be truly worthless as an association.
NEW YORK — Despite high unemployment and a largely languishing real estate market, U.S. businesses are more profitable than ever, according to federal figures released on Friday.
U.S. corporate profits hit an all-time high at the end of 2010, with financial firms showing some of the biggest gains, data from the federal Bureau of Economic Analysis show. Corporations reported an annualized $1.68 trillion in profit in the fourth quarter. The previous record, without being adjusted for inflation, was $1.65 trillion in the third quarter of 2006.
WOW, THEY’RE AT PRE-BUST LEVELS. ISN’T THAT GREAT?
Many of the nation’s preeminent companies have posted massive increases in profits this year. General Electric posted worldwide profits of $14.2 billion, while profits at JPMorgan Chase were up 47 percent to $4.8 billion.
Corporate profits steadily increased last year as companies continued holding onto record amounts of cash and other liquid assets while cutting costs, laying off workers and wringing more productivity — defined as the amount of output that comes from an hour of work — from remaining staff, even as the recession eased.
WRINGING MORE PRODUCTIVITY WHILE CUTTING COSTS AND EMPLOYEES. THAT’S WHAT YOU’RE HEADED FOR LO’S. AMC’S FOR APPRAISERS ARE THE BANKSTERS WAY OF DOING THE SAME THING TO THEM. WHAT THEY DON’T MENTION IS THAT WITH HARRYING EMPLOYEES AND WRINGING PRODUCTIVITY COMES AVOIDABLE ADDED RISK. ‘”WRINGING PRODUCTIVITY”. YEP, BANKSTERS BRAVE NEW WORLD – COST-EFFECTIVE RULES LIKE NAZI’S USED TO RULE GERMANY OR COMMUNISTS USED TO RULE RUSSIA.
RECORD BONUS TIME AGAIN GOLDMAN SACHS?
Ok, I just closed a difficult purchase deal that when you calculate the hours put into it amounts to about $5.23 per hour.
I compared it to the new comp plan my company just rolled out and it would have amounted to about $1.70 per hour. Somebody please tell me how I can give my customers the same level of service they are accustomed to from me and still make a living.
As I see it, this whole business will be based on volume with no regard to customer service not because of apathey, but economics. In order to make a living, we’ll just have to look at the next deal with no regard to the existing ones.
I truly feel for the consumer, because they will pay higher rates and higher fees while getting inferior service.
If anybody out there has a work a round to this dilema, I would really love to hear it.
Ain’t that the chits. If I were doing amc work I’d be making much less than minimum wage for the time and gas spent and then have to wait up to 3 months to get paid. You guys really are in the same boat as us. United we stand, divided we fall. You absolutely should know come April 1st the banksters and amc’s are going to laughing their asses off at us “fool’s”.
Have a nice weekend and don’t let it get you down.
Nice new mancave guys. Any man cave with a Farrah Fawcett poster gets my vote!
Hey Guys
I just got this sent to me from CAR
HAMP test required for loan mods:
The data points focus on the borrower’s financial situation, home, existing loan and proposed modification, according to Tom Goyda, a spokesman for Wells Fargo in St. Louis. Borrowers who believe they have found mistakes in the data may file appeals with their servicers. Final decisions are up to the servicers.
“If they think there are any errors in terms of the inputs used, they have 30 days during which they can provide, in writing, what their evidence is to support what they believe the correct value should be,” Goyda says.
HAMP’s net present value, or NPV, test measures whether a loan modification makes financial sense for the lender. If so, the servicer must offer the borrower a trial modification. If a modification isn’t in the lender’s financial interest, and the borrower hasn’t made the payments, the servicer may foreclose on the loan.
So whatever is in the best interest of the lender/servicer is what they are going to do. Another words whatever is the most profitable thing to do is what they are going to do.
You bring up good points, however I think you are missing one very clear part of the picture. And that is, the principle of a free market economy. What do I mean? I mean that’s the beauty of competition! One person is screwing you (don’t ask me how they have survived this long in the industry), and you know what.. THE BORROWER CAN SHOP AROUND. This is competition, this is the basis of capitalism and a free market economy.. and this rule seeks to turn us into exactly what you just said \pass through loan clerk\. Limiting all aspects to simply become machines selling the banks rates is NOT COMPETITION.
COMPETITION is what regulates the industry. It’s what keeps people fair. And guess what, the banks nor direct lenders have EVER had to disclose the yield spread they make.
The Financial Reform Bill didn’t force the banks to disclose yield, and yet is stifling competition from brokers. HUH? You’re missing the point if you think a broker charging on the front or the back is the problem.. because in a free market the borrower can go wherever else they choose to get a better deal.
@Shaun, I agree with you… However, your quote ” …You’re missing the point if you think a broker charging on the front or the back is the problem.. because in a free market the borrower can go wherever else they choose to get a better deal”… Is not where I am coming from. Double ending the deal (my opinion) only resulted in setting ourselves up as a target for regulation (consumer protection?) in order to cover up their (TBTF) fraudulent misdeeds.
Your reference to competition is right on. The way I handled that was when Borrowers brought me quotes from other Brokers, I would pull out my rate sheets and go over the numbers with them, disclosing any YSP that may have been integrated into their quote but not disclosed. After reviewing and calculating the numbers, if they had a good quote, I told them that right then and there. I also told them since the quoting broker had done the preliminary work, they should continue to work with them if they feel comfortable with that. One thing I always did, was get permission to contact them and ask for referrals! Believe it or not, My best long time clients were referrals from the very people that closed their loan with the “other” Broker! In California it is called being an “Upfront Broker”. Works well for me!
And as far as banks disclosing, they will do whatever it takes to keep that from happening. I am not sure why we think that banks are just going to do what we say, because we think they are being unfair. This is business, and “business is business”.
…Peace
I don’t post often, but I’m just a little confused. Maybe someone can help me get my head screwed on straight! I have assumed that as Mortgage Brokers and LO’s, we owe our clients a fiduciary responsibility. I also assumed that, we as professionals charge our clients a fee for services, whether that be 1, 2, or 3 points, or whatever… Now my question is, who are our clients, the Borrower or the lender? I would assume that if you agree to be compensated by the lender, you are in fact acting as an agent for that lender. Again I would assume that if you agree to be compensated by the Borrower, you are acting as an agent for that Borrower. But, please correct me if I am wrong. It seems to me that lender paid compensation holds you up to be nothing more that a pass through loan clerk because you will always be looking for ways to earn more at the borrowers expense. My experience with Borrower paid compensation has always been to charge my Borrower a fee, and if my Borrower CHOOSES a rate that has a rebate or YSP, that amount will ALWAYS go to cover or reduce closing costs. I have had many Borrowers pay my fee, AND pay points to the lender to get an even lower rate!
We brought this compensation issue on ourselves. As long as we practice double ending the deal, charging the Borrower, AND collecting YSP, or building your deal around YSP only, there will be no transparency for the Borrower (consumer protection?). Since 1991, when I originated my first loan, I was instructed by my Broker to disclose, disclose, disclose… That also meant going over the rate sheet (you know, the one that says “Not for Public”) with the Borrower, and explain how the pricing worked. That has served me well for the past 20 years.
Unfortunately, many of us got fat and happy pulling down 1-2 on the front and 2-4 points on the back end of a deal, and now it is hard to give that up! I guess my next question would be, what did we expect from the banks? If they are paying your wages, they WILL dictate how much you will make at some point in the relationship. They will never pay you more if they can create the guidelines that will pay you less. The Banks are FOR PROFIT, they will use you, and abuse you FOREVER.
As a Professional, your income should not be derived from some formula that the “federal reserve” (private bank) has cooked up. However, if your choice has always been lender paid compensation, then this is what happens… The alligator that you have been feeding all of these years has just turned around and had you for lunch.
Get Wise People… I understand that we all have to get paid, but we also need to pay attention to what is really happening. This problem goes much deeper than Broker/LO compensation. If we do not understand how we got to where we find our selves now, we will be standing in front of the local TBTF with backpack, ragged clothes, with tin cup in hand, trying to shop a loan file for a sandwich.
Do not ever think that the Banks are going to pay you more. IT WILL NOT HAPPEN!
…Peace
I agree and especially if we are doing videos in baseball caps , ready to hit the golf course , or do some rodeo show . What is next Gaddafi’s hat? Lets get professional here , the FEDs are watching every move . Did anyone ever hear of a suit and tie ? Lets not be the Realtor that is baking pies while trying to list a home and pretend they work hard . Just a word of advise , as Don Trump would say You are fired !
doitright – Bernie Medoff wore nice suits. And so did Kozlowski, Ken Lay, Charles Ponzi, Allen Stanford, Jeff Skilling, Richard Scruschy…. And we all know how “professional” they came across. Did not turn out so good for their clients at the end. We don’t live in the “Mad Man” world any longer. People distrust corporations. They distrust slogans. They have access to information and they don’t need and ad man to tell them how to think, what to buy, who to feel. They relay on others, on referrals, on opinions, reviews. Do you remember years ago all the serious, loaded commercials? Today, every company tries to be funnier than the next guy, laid back, they want to connect, not alienate. Charles Schwab is a great example. Three years ago they were “Charles Schwab – the REAL financial planners” . Today, they have cartoon in their commercial ask you to “talk to Chuck”. Do you see the trend? The suits buys you NOTHING these days. I, and most people today, would rather do a business with a Rodeo clown as long as he is honest and takes sense than with a suit monkey. You need to understand how we think and do business in 2011. It will serve you well.
@Chris, I agree, It is how we conduct ourselves! If we take the time to educate ourselves regarding how this crisis really came about, we can then begin to think differently and understand our roll in unwinding this debacle, and conduct ourselves in a manner that truley does benefit the Borrower. As long as we stand at the banks door (TBTF) with tin cup in hand, We Will ALL Get Ripped Off! And that includes Borrowers and Homeowners… Peace
Well next time I spend 1500 at the Waldorf for dinner and my waiter is in a clown suit that will be it . I tend to totally disagree , any man that does not deress the part never made it and never will . Go get your next mortgage from your landscaper , this is a financial world not spring training. If those two want to go head to head with me on a sales call , bring it on baby , and by the way I love the pink background !
Ye, I know you love the pink background. You complemented on it twice … I live life in color!
HELLO! For those that like to bring Realtor pay into this, let’s discuss the logic a little further. How can that possibly be you may ask?
Well, here we are the loan officers, trying to scream and shout how unfair this is to the borrower. But, not knowing the full story (or only what is presented in the mainstream media), you may just brush us off as only being worried about our pay. Here’s the truth, we will all still make money.
As someone said, follow the money.. this couldn’t be more true. Who stands to make more money here? The servicers, the investors, and Fannie and Freddie (aka the government) stand to make more money by paying the originator less out of the proceeds from the loan over the long run. So, from a non conspiracy stand point, this makes perfect sense as they are trying to recoup losses.
Now, let’s think about this.. what percentage in your area or in the country as a whole are short sales and foreclosures? A very large percentage I hope we can all agree with no real end in sight. Now, who is at the end of those transactions? The same people that stand to gain from this rule change, would you agree? The foreclosures are obvious, as fannie and freddie hold a vast majority of these loans.. and the short sales, while technically the owner is doing the work, the banks and again fannie and freddie take all of these losses. If they are nickle and diming the broker currently.. WHY WOULD THE GOVERNMENT STILL WANT TO PAY REAL ESTATE AGENTS 5 OR 6%? Would the conclusion stand that the government is at the losing end of all of these transactions paying Realtors out of the same chunk of proceeds that they are now taking from the brokers? If this isn’t an obvious logical conclusion, please tell me why.
For those that like to bring Realtor pay into this, let’s discuss the logic a little further. How can that possibly be you may ask?
Well, here we are the loan officers, trying to scream and shout how unfair this is to the borrower. But, not knowing the full story (or only what is presented in the mainstream media), you may just brush us off as only being worried about our pay. Here’s the truth, we will all still make money.
As someone said, follow the money.. this couldn’t be more true. Who stands to make more money here? The servicers, the investors, and Fannie and Freddie (aka the government) stand to make more money by paying the originator less out of the proceeds from the loan over the long run. So, from a non conspiracy stand point, this makes perfect sense as they are trying to recoup losses.
Now, let’s think about this.. what percentage in your area or in the country as a whole are short sales and foreclosures? A very large percentage I hope we can all agree with no real end in sight. Now, who is at the end of those transactions? The same people that stand to gain from this rule change, would you agree? The foreclosures are obvious, as fannie and freddie hold a vast majority of these loans.. and the short sales, while technically the owner is doing the work, the banks and again fannie and freddie take all of these losses. If they are nickle and diming the broker currently.. WHY WOULD THE GOVERNMENT STILL WANT TO PAY REAL ESTATE AGENTS 5 OR 6%? Would the conclusion stand that the government is at the losing end of all of these transactions paying Realtors out of the same chunk of proceeds that they are now taking from the brokers? If this isn’t an obvious logical conclusion, please tell me why.
sorry, second post was an accident.
Click to play this video.
I think something is wrong with the video feed I think I am getting a an old Bonanza show ?
Looks like the NAMB guy on the youtube videos with a Hat & beard.
Or Kermit the forg doing the NAMB guy ! too funny
I’m having the same issues as Bill G. Since you changed your format I can no longer open your videos. Your site is not being bloced by my company. Any suggestions?
Sorry, I have no idea. It’s standard WordPress stuff with Viddler for video, should work with no problems. Try using firefox as your browser and see what you can do.
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I had a couple of days learning curve on this. I would just get the \Real Estate Marbles\ ad showing on the screen…then I realized I just had to scroll down to get to the video.
Hello there,
I’ve tried to contact you guys via your “contact us” email tab with no response? We love the show (about 50 LO’s), but your new format is killing us! We haven’t been able to watch the show since it changed. We’ve checked with our IT dept and they are not blocking you out. We even got our Exec.VP to start watching you guys and she can’t watch you anymore either? Any suggestions?
Not sure what to say… this is wordpress and viddler for the video. it’s very standard stuff. let IT know it’s viddler, maybe viddler is blocked.
GO UK WILDCATS!
@doitright: You seem to be concentrated on the minor (maybe 1%) players in the game that went down. Can’t you see the big picture? Where are the profits? Follow the money and it’s still being bled from everyone, including those 1% that might have gamed the system, into the pockets of the elite. You’re helping those that blame the borrowers when none of this would have been possible without the banksters making those loans – none of it. The Fed did nothing when it’s their job to do something when they’re aware of problems and they were aware. The Fed stockeholders are the TBTF’s -there’s your clue that a racket was going on and all of us are the victims.
Thanks, Frank & Brian. Not sure I also left a video comment (technology learning curve), but this looks like a really cool format for all your RE professionals…
I feel the need to voice this…the only thing more aggravating and disgusting than the new Fed LO Compensation Rules, is having to scroll down these comments and read the idiotic things “doitright” has to say. Maybe with his/her attitude and dark black view of the future we should refer to him/her as “doitwrong”…
I speak only the truth my friend as any half brained person on Wall Street will tell you , it is dark , black , slow, getting worse in the world of real estate . The smart money knows this and puts it to work . I can not help that we need to face this for hte next 5 years , but I am also not going to dream and say it is great out there , values will go up , great time to buy . Why is it a great time to buy? If your customer of only three months ago did an apprasial now , the value is down again . The big sale is coming , just being real take it easy and keep reading you may see THE LIGHT
doitwrong, please stop your daily complaining. you really have a chip on your shoulder. i would hate to know what happened to you to make you so bitter on life. didn’t your momma ever tell you that if you don’t have anything nice to say, then don’t say anything at all?
That is why I have not commented on your BS in the past ! TGIF
doitright. folks in our blog have very strong feelings and opinions. often, it’s not a feel good thing, but i think thats what makes it interesting. don’t take it personally & keep participating. all opinions are welcome. we need a honest & heated discourse on this thing. hang in there. ~ brian
Click to play this video.
Very Cool tool guys…keep up the good work and everyone else, keep the faith, you’re doing God’s work!
Does it appear the banks want to foreclose on everyone? It does to me, they have CDS’s they need to collect on.
Appraisers, check out Appraisal Scoop – it appears the Fed rule for the 4th is leaked and guess what, April Fools on us. amc’s remain in control. Could you really expect any different from the bank mafia and Don Bubble Bernanke?
Fed rule for the 1st – typo.
Let me ask you guys something? If this April 1st thing happens… is it ok to put different LOS on different basis point cuts and what about quarterly bonuses? My question is about a 20 year veteran vs a 1 year person? Any ideas on how this works out?
No everyone must be on same compensation plan. No differentiation from officer to officer or office to office. So if your Newark, NJ officer is paid X then the loan officer for Santa Fe, NM must be paid the exact same as X. Compensation can not deviate from office to office for mortgage officers.
Anyone else here the Community Mortgage Bankers Project intervened in the lawsuit on behalf of NAMB/NAIHP out there?
Here’s links to NAIHP and NAMB, plus their Twitter feeds.
http://www.naihp.org/whyjoinnaihp
http://twitter.com/NAIHP
http://www.namb.org/namb/default.asp?SnID=581744599
http://twitter.com/NAMBlive
Where do you get the code for the rate alert?
you have to buy rate alert at http://www.ratealert.com
I need to defend myself on your come back Fla mortg lady . Can you show me the disclosure that the borrower signed that states the value will go up and if it doesn’t go up in value please walk and we will make sure the same industry and secondary market puts the red carpet out for you on your next home . The actual disclosures state the opposite , in fact in the small print they are obligated to the note and loan balance not the value. On the other hand if the value went up like from 1998 to 2006 and the person was smart enough ( like I was) to sell then did the bank have a lien for the profit at closing? Of course not your so called customer would never allow that . You are being so liberal . Would you leave your husband if he was disabled ? I am reading your come back \ The borrower wants to walk and can make the payment \ . So they can make the payment on money they promised to pay back and dont want to ? What kind of a world are you promoting ? If you have an NMLS license they should bar you . Please your mentality is what is wrong with our business , here you are trying to make a buck with people that don’t keep their word much like the old NO Doc customer B S ing to the IRS yet living the life of a king . Please stop assisting low life con people that want to play the system. These people are the types that collect unemployment and have under the table jobs at the same time ( your friends), yet you work with them to make a buck and then have the nerve to say hey let the bank Fannie Freddie and the rest get screwed so I can make 1,500 bucks . You should be jail thinking that way , and I want to thank you for possibly bringing the FED all over us decent lenders that know , if you borrow you pay , not matter what OR you pay the penalty bad Credit . They had never been promised the value would go up by the bank so why would the bank be the bad guy? Houses are not investments, they are a depreciating asset that you live in for shelter , yet the uneducated promoted great investment and used that terminology to get an easy sucker deal in the past. Now go the beach .
You seem to be concentrated on the minor (maybe 1%) players in the game that went down. Can’t you see the big picture? Where are the profits? Follow the money and it’s still being bled from everyone, including those 1% that might have gamed the system, into the pockets of the elite. You’re helping those that blame the borrowers when none of this would have been possible without the banksters making those loans – none of it. The Fed did nothing when it’s their job to do something when they’re aware of problems and they were aware. The Fed stockeholders are the TBTF’s -there’s your clue that a racket was going on and all of us are the victims.
If you are one of those obsessive “I gotta know right away” types you can click on this link throughout the day:
https://ecf.dcd.uscourts.gov/cgi-bin/Opinions.pl?2011
As soon as a judge rules it posts here.
If you want a Friday funny at the World Savings / Center for Responsible Lending founders expense click here :
http://patdollard.com/2008/10/it-is-here-the-banned-snl-skit-cannot-hide-from-louie/
Cross you fingers. We just finished our comp. plan and basically, we have calculated this new ruling will add about 85 basis points to all originations at our company
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D.C. US District Court has not heard the case, according to their website…le sigh.
Have to say it the way it really is, we’re wasting our breath and energy fighting a loosing battle. When will people finally wake up? This will go down in history as another great scam pulled off on the american public. There should be mass protests in Washington about this but there wont be, and we wont see this stuff on CNN, or CBS, the same way they wont talk about whats really going on here. Why? The Federal Reserve is a private corporation who’s major shareholders are the banks!!! This is an easy scam to pad their pockets with mega billions more. And its all under the disguise once again of helping the public. The average Joe public doesnt realize how this effects them in the long run. These rule makers are nothing but pure mobsters getting away with murder once again to benefit themselves and just get richer on another scam. This will force the average companies out of business not only because of the tight regulations but because the professionals will leave them and go into other industries. In the near future you will have to walk into a Chase branch to apply or you will call an 800 # and have someone in Pakistan taking your loan application. Id rather starve than go to work for Chase or Citi, or the other mobsters
As I sang on Achtung Baby:
No, nothing makes sense, nothing seems to fit.
I know you’d hit out if you only knew who to hit.
And I’d join the movement
If there was one I could believe in
Yeah, I’d break bread and wine
If there was a church I could receive in.
‘Cause I need it now.
To take the cup
To fill it up, to drink it slow.
I can’t let you go.
And I must be an acrobat
To talk like this and act like that.
And you can dream, so dream out loud
And don’t let the bastards grind you down.
Well, we only have a few days to get our act together. I don’t see any movement from the fed or law suits curtailing the fed rule. We may as well sit down get out our excel program and do some after hour work. Bitching and moaning isn’t getting any work done.
Do we create our own overlays and not accept loans unless they are a certain amount? Cutting of our collective noses to spite our faces? The fight must continue with our representatives and Senators, they are our public servants…if you piss them off, so what!
I, myself, am looking for other income streams to add to my mortgage services…night work….weekend work…..additional real estate services….I’ll save my bitching for my government officials….and try to be more positive with my clients.
Every now and again I will go turkey hunting and fishing….dropping off brochures and flyers at lake homes along the way.
No kidding… Since the first of the year, a large portion of every day has been spent on compliance issues – time that should have been spent working on business. Until two days ago, I thought I had a handle on the comp plans and then attended one webinar too many. In the interactive “Hammer” webinar, there were many contradictions to the interpretations of the lenders (and the FRB) and now I’m so confused that I’m afraid I’d be non-compliant accidentally! Then the new enforcement division makes an example out of me and my life’s work is done. You’re on the right track looking for supplemental income. Good luck
Unfortunately, I do not believe that the judge will rule in our favor because we as a group do not have enough money to pay this judge. The LO compensation rule is wrong and unconstitutional, but the Fed has more money and will pay this judge to rule in their favor. Is this cinical, yes. But I truly believe that our government is corrupt all the way to the top and they atre trying their best to tamp down the middle class in America, and push the new world order. God help us all.
Holly .. You need a new lender. I wuld not dream to go to my agents to whine about my pay! lol
Ok, so I must be in a different planet, so we have the new comp plan rules, wholesalers have been hard at work to make it work for us. So far not too bad. I have signed up 5 comp plans ranging from 1% comp to 3.25% comp. So now I get to make the same I was making, I lower my buyers costs by 1% origination, and no processing and I get to market myself as a no origination cost.
Like I have been for 4 years. I make the best of it, yes I complain, write letters join NAMB etc, but at the end of the day, I make money because I work my A>>> off! I make my weekly video, call people back, ask for referrals, and by the way I DON’T HURT PEOPLE WITH 4 POINT YSP’s so I get referrals! My agents love me because I answer the phone on weekends and treat everyone right. My loan pipleine is up 35% from the last 3 years!
I am just saying. Like it was with GFE 2010 and with everything else, you may survive. I however will trhive! and take the clients of those who whine!
We get 4 YSP because our loans are all under 50K. With only being paid 2 YSP on a 25k loan it doesn’t even pay our expenses. It may not hurt you but people in rural areas trying to get small loan amounts are getting screwed.
You may be right DesertBroker. We’ll have to wait and see how this will all pen out. Good you get to market yourself as no origination broker. Can you market yourself as No Closing Costs Broker? I have done many no closing costs loans in the past and marketed my self as such for a long time. As far I understand the rules, no closing costs loans are gone as I can’t use my YSP to pay anything….. But the bank and correspondent CAN do it. Not fair for the consumer. The point here is that we truly believe this will not just potentially hurt us $$$ but it will without a doubt hurt the consumer. Choices are good for buyers. Competition is good for buyers. And who is making 4 points on the back? Not sure how long you have been in the business but for the last several years, we have been limited to 5% total and that includes lender, attorney etc. And for the last couple of years, no consumer would go for a rate with 4 points! But perhaps, in the Desert states you roll differently. And as far as the new GFE goes, many brokers was scared of it – id did not make any difference in my business at all. In fact, most of my clients hate it. They can’t make any sense of it. They just want to see a simple form, such as the old GFE. Good luck to you! I like you attitude.
You CAN still do a no cost loan. Most of the lenders, regardless of broker or banker relationship, will still have YSP, Rebate, SRP, whatever you want to call it, on the rate sheet. Just like now, this money will be used to offset costs, other than LO Compensation. It CAN still be used for title fees, pre-paids or any expense unrelated to compensation.
OK. No closing costs loans mean the borrower does not have to come up with any closing costs out of pocket. As I understand the rule, I can not use my YSP to pay for anything and that includes third party closing costs. The way I see it and from your comment above it seem that the bank or correspondent will be able to do it because they keep and do not have to disclose SRP. My point is, as a broker, I can not use my YSP to pay the third party CC thus I can not do no closing costs loans. The borrower would have to bring the third party CC to the table. Am I interpreting this rule correctly Brian and Frank?
Chris, you are correct in a way but also incorrect in another way. When using the BORROWER PAID COMP PLAN; you are right. The YSP can only be used for Third Party Costs. Meaning that if you charge any points, the borrower is incurring fees on the loan. The only way to do a TRUE NO COST LOAN is to use the LENDER PAID COMP PLAN: You designate the compensation you will receive with the lender. The lender will pay you this fee or percentage on every loan. If you are trying to do a NO COST LOAN. You simply quote a rate that has a YSP big enough to cover all the Third Party Fees. The Lender pays you based on the predetermined agreement and the borrower receives a NO COST loan. On another note: ALL BANKS, BROKERS, CORRESPONDENTS have to DISCLOSE YSP/SRP after April 1, 2011. There is no more hiding of the back end compensation for anyone!!!!!
The way I understand it is, you will be given a rate sheet with par pricing(your gauranteed ysp) and you can choose a rate above par. any overage above par will be used to pay closing cost.
Just as an example 5% is par paying you the predetermined ysp. 5.5% pays 2% – you still get yours and the additional 2% is used for closing cost.
Nothing really changes other than, you are now limited on how much you want to make per deal.
Has that style of comp plan been approved by the Fed? I believe they addressed it in last Thursday’s call and said it can’t be used. Here’s why: While you’re being paid the same by each individual lender within their guidelines, you’re still being paid different amounts based on the terms of the loan. Don’t want to rain on your parade, but do want to protect that NMLS number.
Doitright:
Totally disagree with you and here’s why! Most people selling short sell homes feel there is no choice but to do this. They usually CAN afford the payment, but see their entire block selling for less and figure if they don’t sell now, they will end up short selling down the road. Many see that continuance to stay in seriously upside down homes is a losing battle, and comparable to paying rent with the only benefit being the tax write-offs. Rather than wait this out and regain equity, folks are opting to sell now and start over, knowing their credit will be damaged because of this process. This is most evident in newer areas, where new homes sold at the height of the market. Homeowners are grappling with walking away from a home WHERE EQUITY PUT DOWN WILL BE LOST, not to mention improvements since. They think that the amount the home is underwater will not be able to be made up for a long time, perhaps longer than they are staying in the home. The end result is to short sell, take their losses now and start over…. Basically get this hell behind them. I am not talking about those that can’t afford the payment. I am talking about those that CAN, and the frustration of no other way out except to be late to get the banks attention on a short sale, and most often destroying their option of getting another mortgage for at least 2 years.
With all due respect, I am tired of the chatter that categorizes those that short sell as “getting what they deserve” freeloaders who are doing a short sell because they can’t afford the home. Most CAN afford another home, and most HAVE ALSO LOST EQUITY.
Short sale problems will continue to grow and further devaluate our areas because banks won’t budge on a write down until they are forced to upon a short sell or a foreclosure.
Nate Gerard, thanks for the help… GREAT ADVICE!!!!
I’m a Realtor and the lender I use went to a meeting regarding The Fed Rule and he told that it’s only a matter of time and they will be coming after us “Realtors”
you sound shocked?!?!
Prospect Mortgage just released their comp plan and it’s bad, this new rule is really screwing all the L/O’s.
Prospect Mortgage’s comp plan was always bad. You need to shop around for a new place to work. My broker is looking to keep our comp the same under the new comp plan.
Realtors – As you’re listening to us talk compensation, you’re asking, “Why do I care?” Here are a few take aways:
1) The smaller brokers and bankers are being pushed out of business, the big banks are gaining marketshare. Don’t know what it’s like where you are, but in TX, Chase can’t close in less than 60 days and BofA/Wells are about in the same boat.
2) In the past, your mortgage banker might eat some fees at the last minute to help your client (like these fees: review appraisal, rate extension, client is $200 short to close, client needs to drop the rate a litte to qualify, etc). Under these new regs, that cannot happen any more. Plus (remember GFE 2010?), if there is a last minute charge to your client (bring on the review appraisals and rate lock extensions!), the loan has to be redisclosed and close four days after being redisclosed.
Many lenders were working on slush funds and bp banks to eat those fees, but last Thursday the Fed said those accounts are not allowed.
That’s how it effects you and your business.
Thanks for the insight Bono Vox. I agree that we Realtors should be paying more attention to what is happening here. Before long we will ALL be working for Wells or BofA at a minimum hourly wage. This nonsense must be stopped, but how?
!!
Watching the states prepare to file BK and unions unwilling to allow thier member take a paycut, it occurred to me that the problem with states is REVENUE. So, how does a state get revenue? Taxes. Sales tax, income tax, gas tax and……PROPERTY TAX! So, how would a state increase the revenue they receive from property taxes? Need to increase values! And how do we increase values???? COMPS FROM RECENT SALES! How do we increase sales???? Easier guidelines and fewer regulations on lenders, brokers. Its in our national interest to assure sufficient property tax flow to help benefit states and their budgets.
@Jim from Michigan. Had to comment. You struck a nerve. I am a surviving Realtor and on a recent home I sold, the idiot appraiser used ONLY reo’s and short sales as comps. In FACT, there were normal sales in the immediate proximity which the AMD appraiser did NOT use. Sale price was $400,000. Appraisal was $362,000. Since my buyer was putting 50% down, she got her loan. Most others needing financing are not as fortunate. I can give hundreds of stories where willing buyers and willing sellers struck reasonable purchase/sale prices, and the effin appraisers screwed the deals. This is what is still going on. If the appraisal doesn’t blow a deal, the underwriter will, unless you are a platinum buyer.
I was speaking with a CitiMortgage loan rep last week, and he said he’d been doing short sales for Citi for the past 3 years, and that there was no way an appraiser could use distressed sales as comps for a property that was not distressed. Do the TBTF banksters know their bought and paid for appraisers are using distressed sales as comparables for non-distressed sales? Who knows anymore. Nobody seems to care. Our prices in Arizona are trying to recover, but because of this crap, in my market area, 45% of our sales are cash. And I’m not talking about $150,000 average sales. We are well above $400,000.
Too bad appraisers are allowed to compare a piece of shit bank-owned home that’s been vacant for 2 years, with a green pool, no running water, dead landscaping, and God knows what kind of plumbing issues . . . to a “pride-of-ownership, beautifully maintained home”. This is an absolute travesty and in my opinion unconscionable.
Here’s another idea for our beleaguered state and county budgets: get the recording fees back from MERS. Yup. It would be a ginormous hit for theTBTF’s, but I figure it’s the least the banksters could do to repay our counties for the billions of dollars in recording fees that they avoided paying in order to securitize their crap loans.
Wow. Sure glad I got that off my shoulders. Thanks Michigan and best of luck to you.
Please watch your language! Well that is a comp it is what is out there to be used and no matter what a sale sets market value , but they should have made additions to the comps in the grid. This is the stupid part of the formula , they have caps on teh adjustments ! So comp one needs a total rehap that would cost about 150 grand to do . guess what , that is too high of a percentage adjustment to the comp , that is the real issue at hand . Guidelines are not in reality. Those comps you mentioned would be great if they could adjust them about 50 % higher .
!
As a sign of unity and general disgust I urge all loan professionals to not register and/or lock any loans on April 1, 2011. I know it is not much, but for one day we should unite and demonstrate the contempt we hold for the unneeded changes forced upon our industry and livelihoods.
Where is NAR in all of this. They were successful in defeating the big banks from taking over real estate before. I see this newattack on the lender industry as just another way for them to eventually take over the real estate brokerage. NAR needs to weigh in on this and support the LOs.
AMEN! Thanks, Jim!
Very good question. I do not believe they are too concerned with our compensation. As long as their buyers can get a loan, they don’t care where the loan comes from. If they believed the rule will hit them in the pocket, they would get involved. A show of support would be nice, however…
Most Realtors don’t understand what’s coming. Although, to your point, their leadership should understand and should be engaged.
Is this HVCC II?? hmmm. NAR was not there to back the Appraisers…now how many sales got killed due to low ball values? Oh ya…but they got all the BPO business.
The fed should be sued sue the fed . The goverment needs to buy the fed back 450,0000 dollars . These bankers make moey out of air and charge us interest for it . These dollara are backed by nothing .
Even though people don’t seem to be buying homes, they need to get out of the rentals. Get out of mom and dad’s house and that terrible apartment. Check out how bad a Renters Nightmarecan be!
52% of Fl. properties are underwater. Those underwater homeowners, many still with great credit, must incur a late mortgage payment in order for the banks to consider them for a short sale. Because of this one late, these underwater homeowners that decide to sell will not be able to get another mortgage for a min. of 2 yrs., and then will need 20% down to receive a conventional mortgage. Until \late mortgage payment preceding a short sale\ is changed, these short sale sellers are excluded from the buying market for a minimum of two years. Am seeing a large number of prospects in Florida who WANT TO BUY NOW WHEN HOUSE PRICES AND RATES ARE LOW but cannot because of this \late prior to short sale\ blemish, often the only blemish, on their credit. Why can’t there be a way where homebuyers and banks could agree upon a short sell and the banks not require that they homeseller HAVE TO BE DELINQUENT to get the banks attention? Why wouldn’t the bank welcome doing a short sell, with payments being made, possibly in escrow, where homeowners don’t incur a credit blemish? This existing process is delaying this growing number of home short sellers from coming back into the market, and will affect markets from coming back until the short salesellers have waited out their 2 year time.
Some banks have removed the rolling 30-day late rule. For example, Bank of America now offers a Co-Op short sale. The homeowner must qualify and may have to bring some cash to closing if they still have a good job, however, they’re offering a 10 day review process of all offers and no need for delinquency. Many smaller local banks are to consider a short sale with no delinquency. Look for the banks that have these policies in place and then blog about them. Let your sphere know in your newsletter and opportunities will come your way where you’ll sell a short sale now and help them buy in about a year.
I agree with you but I think here is your answer , if that person selling could not make the payment on the prior house even if it was higher they will also do the same on the next house if they hit hard times . But the number one reason is this . It is so obvious and you should know this deep down in your heart living where you live . Values are going down at least 20 to 30 % more so lets say they allowed this person to take another home with less down. In a matter of two or three years it could be a 100% or more LTV anyway . So the smart satiticians that set the overlays policies are looking out so there is not a second bubble in the year 2015 . I hate to say these people either should work a second job and make the payment if it is that important to them , or dont make any payments at all . I know we here a good month in Ft Myers , but come on 1 % up ? 1 % of what , last year was so poor for even with the tax credit in your area. But the true answer is JOBS , the USA needs more real jobs that is the answer to all the problems that are based on money and value .
Click to play this video.
Any recomendations who to contact to establish an LO Comp Plan
You are kidding…right?
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To: doitright: One week from today, the Fed rule will be just a bad memory! Final briefs will be filed today and then it’s up to the Judge.
Last October, NAIHP realized legal action was the ONLY way to settle this issue, so it became our main focus from then on. Having reviewed all the legal documents since day one, I strongly believe we WILL prevail when the Judge makes her decision. The Fed hasn’t even come close to making their case. Thanks to all those who contributed to the NAIHP legal fund. To those who haven’t donated, we ask that you go to http://www.naihp.org/component/content/article/61 and help pay our legal costs. All contributions are exclusively used for legal costs.
Thanks, Marc
NAIHP – Do you have any idea of a timeline when the judge will rule on this issuse? Where are we with lawsuit? Thanks for alll you do!
HI Chirs , I do have an idea when it will be ruled on . Once he or she gets to the cases that had been filed in 2008 and when they do it will be denied . There is about a 2 to 3 year backlog on cases like this . But no judge in the world will go against all the work and efffort and money that has been put into this , at least not in this adminisstration. You could be retired by the time this is over or replaced by mortgage phonebots . The next gerneration will only want to do a mortgage via computer . Hang in there TGIF
Marc, thank you so much for all that you do. I’ve contributed to the legal fund and hope it makes a difference. Is there a time table on the judge’s ruling? We’re all anxiously awaiting the verdict and very hopeful for an unbiased ruling.
Do we have any idea when the court will actually review the lawsuit?
HVCC should never have been made policy/law but it was. I am worried that we are going to get this shoved down our throats no matter what the courts decide.
It is time to really look at the rule and see how we can maximize our incomes within the rules, just like we all did with GFE 2010.
Hey Steven…I am an Appraiser for 20 years and HVCC killed my business overnight. I had to let go my staff and trainees and take an enormous financial bath. I had my RE Lic and got my NMLS and now this. MLOs basically gave the “oh man, that sucks for you.” when HVCC came down. Well…here come the Brown Shirts.
Vandy is right, NAR at this point can not see the bigger picture and how it will negatively impact the realtors. Thou I would have to disagree with the idea that the appraiser’s are low ball values. I tell you appraisers can’t catch a break. First it was the appraisers fault for inflated values (based on sales of homes realtors listed and sold) for the bubble and now the appraiser is being blamed for “low ball values”, and killing deals. Please!
Vandy, HVCC sucks, no other way to put it. All of the quality appraisers that I had developed relationships were unable to work with me anylonger since the fees the AMC wanted to pay was crap.
My take on all of it is that the Big 4 are going to force this through no matter what. So if that is the case I have to find a way to make the most under the plans that we are given.
TGIF One week that is it for our industry . Overlays killed this business and overall economy , then over regulation. I can see why so many are saying it is over . Can anyone out there think of one good thing happening in the US or world right now ? Just one thing that is good ?
Positive: Have renters who still want to buy, have newly married couples wanting to by, have retirees wanting to downsize and buy, we have job transfers wanting to buy, have that guy who just got a promotion wanting to buy, have older folks who want to do a reverse…who can you find?
Rates are down, home prices are down…good for the buyers!
Get real you should be in jail the properties you are putting deals together for will be 20 to 30 % less in value in 2 to 3 years . Prove me otherwise , thats right right lets see some proof you are selling a good thing right now ? Are your arms crossed in that picture or is that handcuffs?
Actually a designer straight jacket or is that Houdini?
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