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jessikagriffith
441 Posts |
 Posted - 11/05/2007 : 10:23:51 AM
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http://www.house.gov/apps/list/press/financialsvcs_dem/subprimeleg.pdf
The attached bill begins to regulate more so the originators in the business by taking away our ability to make commissions and YSPs. However, in our industry - the issues that have risen seem to be more closely related to loose u/w guidelines devised and implemented by Walstreet.
In the state of California our license is more of a Real Estate Salesperson license and does not require a strong financial education, although that would be a first step. The next step would be to more closely regulate brokers operating under a CFL and requiring that a certain dollar amount per employee be spent on further education/training prior to allowing that person to originate mortgages and maybe even take it a step further to where originators under a CFL be required to take a test written by the state and be 'certified' as a mortgage planner or loan originator with a comprehensive knowledge of the consequences of these ARMs and Neg Am loans whereas the originators be required to properly educate their clients on these loans.
But to punish an entire industry by eliminating YSP and commissions would put the little people out of business without giving us a chance to restructure and regroup and do business right!
Go to the following link to petition no on this bill:
http://www.petitiononline.com/mod_perl/signed.cgi?HR3915&1
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lucky1s
3983 Posts |
Posted - 11/05/2007 : 10:25:31 AM
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| Look right over your head, there is a 7 page thread on the subject ;o) |
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Donald1955
6067 Posts |
Posted - 11/11/2007 : 1:59:06 PM
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| Thanks Jessica! |
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