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Mortgage Broker Compensation-Barney Frank to The Rescue

Courtesy of Tucson Rates and Real Estate

Tucson Mortgage Brokers and Mortgage Brokers everywhere have been scrambling to set up Compliant Compensation Plans to meet new guidelines established by  new Regulation Z requirements implemented on April1, 2011. The two biggest problems have been the lack of ability to pay Individual Loan Officers who are employees of the Broker on Consumer Paid Transactions. The other is the lack of ability for the Broker to adjust Borrower Costs either up or down after the GFE is issued, through the use of Broker Credits. Not only are these to items extremely prohibitive to conducting business, they are unfair and unprecedented.

The National Mortgage Broker Association (NAMB) has released a letter from Rep. Barney Frank sent to the Chairman of the Federal Reserve Board, Ben Bernanke, requesting that these items be amended. Considering Rep. Frank is the Ranking Member of the Financial Services Committee, he is arguably the single most powerful and influential member of Congress. Whether by design or default, Rep. Frank went from being the most disliked Politician by the Mortgage Industry yesterday, to the most loved one today. Rep. Frank has been the driving force behind all of the Financial Reform Regulations, some desperately needed, some borderline ridiculous. It would be unconceivable to think that the Government would be able to write and implement such absolute and sweeping legislation, without making a few mistakes. It is nice to know that Rep. Frank has the integrity to correct the mistakes made, instead of the “If you don’t like it, too bad” mentality we have seen from our Elected Officials over the last few years. Setting aside our emotional and financial attachment to The Mortgage Industry, the most promising part about this is the fact that Democracy has been given a chance. Although I have been critical of  The NAMB, all credit goes to them for their lobbying efforts to  point out to our Lawmakers these major flaws in the new Regulations. Although no changes have been made yet, odds are pretty good that it will happen with Rep. Franks support. Take a few minutes today to support your livelihood and send Rep. Frank an Email thanking him for the support, and one to the NAMB for their efforts. It is up to you whether you give the NAMB financial support, but I will tell you that this wouldn’t have happened without them.

 

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Author: R.Smith

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Barney & Friends – Ready, Set, Go! (Part 2)

Wilton Toy Story Icing Color Set $4.86 The mega-hit Toy Story from Disney/Pixar returns and Wilton gets you ready to celebrate! No treat is left behind when they’re decorated with Wilton’s Toy Story icing color set. Join Woody, Buzz Lightyear and the gang for cakes, cupcakes and other treats t…

Westland Giftware The Flintstones Magnetic Fred and Barney in Car Salt and Pepper Shaker Set, 3-1/2-Inch $9.88 Fred Flintstone and Barney in Car Salt & Pepper Shaker S/P…

Westland Giftware The Flintstones Magnetic Betty Kissing Barney Salt and Pepper Shaker Set, 3-1/2-Inch $9.50 Betty and Barney Salt and Pepper shakers…

Wee Sing in Sillyville $8.31 WEE SING IN SILLYVILLE – DVD Movie…

Barney: The Best of Barney $7.18 Studio: Lions Gate Home Ent. Release Date: 09/09/2008 Run time: 59 minutes Rating: Nr…

Barney’s Greatest Hits: The Early Years $8.71 Say What You Will About The Purple One–He’S Overly Friendly, He’S Generally Tiresome–But Toddlers And Preschoolers Can’T Get Enough Of Him. Legions Of Youngsters Will Delight In Barney’S Greatest Hits, A 25-Track Compendium Of The Playful Dinosaur’S Best-Loved Tunes. Watchers Of The Phenomenally Popular Tv Show Won’T Find Anything Unfamiliar Here. Included Are Many Barney Originals, Including “I…