Proposed Bill R-1366 will put mortgage brokers out of business!

By
Mortgage and Lending with National Credit Fixers - Matt Listro

Did you know that there is a proposed bill that would put mortgage brokers out of business?

Regulation Z - [R-1366] is that bill.

R-1366 eliminates consumer choices by eliminating Yield Spread Premiums which would not allow mortgage brokers to offer consumers zero point or reduced fee loans. The banks will not be effected by this new law and would still be able to offer consumers zero point loans and reduced closing cost loans.  The competitive disadvantage could put mortgage brokers out of business.

I believe this is just another big bank ploy to eliminate a sizable amount of their competition.  Can you say --> End to competition?  Whatever happened to Democracy, free trade, and competition?  The government is putting is regulatory hand into everything!

R-1366 is in the Comment stage until 12-24-09 (Merry Christmas) and failure to take five minutes, right now, to make your feelings known could put you out of business or, as Realtors, will seriously limit you client's financing options

Make Yourself Heard To Stop R-1366

  1. Click Regulation Z - Truth in Lending - Closed-end Mortgages [R-1366]
  2. Scroll down to:
    • Regulation Z - Truth in Lending - Closed-end Mortgages [R-1366] Proposed amendments that would revise Closed-end mortgage disclosures to highlight potentially risky features such as adjustable rates, prepayment penalties, and negative amortization and prevent mortgage loan originators from "steering" consumers to more expensive loans Closing date for comments: 12/24/2009
      Submit comment on this proposal
  3. If you want ideas on what to write you can view all the present comments at: View comments on this proposal  You also have my permission to cut and paste anything on this post that you feel is appropriate.  Please reblog to get the message out to as many people as possible.
  4. It is not necessary to write much because someone is just going to count the number of comments for and against.

Actually I urge you read some of the previous comments.  A few are off the chart as you could expect but most are thoughtfully made by intellegent people whose comments make me proud to be associated with them in the same industry.  The same type of people who actively participate in AR.

:)
Matt

Toll Free: 888-NCFIXER (623-4937)
Toll Free Fax: 888-FAX-4020 (329-4020)
Local: 860-282-6181
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East Hartford, CT 06108

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Posted by

Matt

Toll Free: 888-NCFIXER (623-4937)
Toll Free Fax: 888-FAX-4020 (329-4020)
Local: 860-282-6181
281 Hartford Turnpike Ste 500

Vernon CT 06066

credit repair company

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Rainmaker
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Gabe Sanders
the BlueWater Realty team specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Matt, I'll have to look into this.  But you are correct as many banks have not been allowing mortgage brokers to sell their products lately.

Oct 02, 2009 07:34 AM #1
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I would have reblogged you but you have this post set to Members Only, and they cannot be reblogged.

Oct 03, 2009 03:07 AM #2
Rainmaker
335,106
Matt Listro
National Credit Fixers - Matt Listro - Vernon, CT
Your Credit Repair Expert

Hi Gabe: We need to voice our concerns on this before it is to late like what happened with the HVCC.

Hi Russel: Fixed it - re-blog away!

:)

Oct 05, 2009 03:14 PM #3
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Rainmaker
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Matt Listro

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