I know many of you have been faced with the same question or idea. And, today the mortgage industry and supporting business groups to the industry are lobbying our legislators urging lawmakers to kill legislation that would be too restrictive on their industry. Part of the legislation requires lawmakers to impose a nationwide licensing system for mortgage brokers and loan officers? Think about it. This idea stemmed from the failing lending system and housing crisis across the country.
Owning a home and securing a mortgage is one of the biggest investments an American makes in their lifetime. Why not have the protections of the government to oversee our lending industry? Why not have more safeguards in place to support the real estate industry and our customers. As we get deeper and deeper into the lending crisis and branch out to thousands or new loan products, FHA, VA, assumptions, short sales, foreclosures, the list goes on.
But the bottom line is really do more government restrictions to protect the consumer really restore safety, stability and confidence to the overall housing market?
I want to hear the arguments and know what others in the industry think. I look forward to your posts.
Jen
On the one hand, I like the idea of the entry requirements into an industry with such immense fiduciary responsibility being much higher.
On the other hand, unscrupulous people will always find a way around rules and regulations, so will imposing more rules really help?
Maybe instead of spending all the money on lobbying we should be spending more on educating consumers on how to understand loan lingo and not fall into traps. Don't ask me how to organize this education! I'm just talking ideas here! :)
Mortgages are "state" regulated. Florida does a great job and the federal government doesn't need to set up a department to collect an annual fee from me. If there is a rouge broker out there the FBI can find him without a federal mortgage departments help, I'm sure.
I think too much legislation is part of what caused this mess. Listen to Senator Dorgan 10 years ago. http://www.youtube.com/watch?v=5QkTd9ivtME. I think that increased licensing requirements for loan originators is a positive step, but we also need to get rid of some of the socialist/anti-capitalist liberals that want to turn our county into a communist nation. Until then, we will continue on the same path of destroying our nations economy.
Thanks,
Steve
www.integritymortgagelicensing.com