URGENT MESSAGE FROM NAMB

FED Rule on LO Comp

Category:

News & Politics

Tags:

• NAMBTV
• NAMB
• fedruleon
• locomp

[MDIMortgage]

I don't believe that delaying the rule is what we want. Why delay a bad rule? We need to get it changed, repealed, amended, not delayed!

[essentialminute]

@MDIMortgage Our goal is to change the rule or at best get it killed altogether, we need to get it delayed first so we can change it or kill it

[tcpuckett]

You could pass this onto TBWS and have them help as well. I agree with your concerns however you need the membership numbers now instead of the members money. Also isn't it against the Law to set the wages of any employee in the U.S. I mean Stock Brokers Bank Executives, Lawyers, Doctors are not regulated by the amount of income they can make. To me this smacks of illeagal fixing.

22 years in the business and still nothing suprises me to this day.

Thomas Curtis Puckett

Ca/Dre Broker

[tcpuckett]

Hello Mike, in regards to strength in numbers why doesn't the NAMB reduce the membership fee to a 3 month free and allow all L.O.'s to sign up get your strength in numbers and then use that on capital hill. I think most people have either been or would sign up again. The instant reduction in fees would 1. swell your ranks to where you want them to me temporarly to help get the word out 2. offer those that have not been members before to join free for 90 days and then become active members.

[mroemerman]

Dear NAMB

The problem with your membership count is the process and the cost! You are letting the State affiliats dictate the cost and they keep 3/4 of the fee. (at Least in My State) Make sign up easy and more economical and make it up on the volume. The national association is where the money needs to be drivin. You dictate what the state gets and let them deal with it! Example. Get the fee down to $50 Total w/state and I bet your membership would grow X10

[REALTORROY]

Loan officers and Mortgage BROKERS need to get involved in membership. I have done loans for almost 17 years or so and noticed that MOST LOs let everyone else fight for them, they need to get involved . Membership helps everyone, 5500 members nation wide is a shame, the decision makers LISTEN to large organizations and 5500 members isnt much compared to almost 150,000 Loan originators

Realtor Roy San Diego

[paulvanwart]

We ALL must voice our opposition to this ruling. Strength is in numbers. Look at the next piece on the table, Qualified Residential Mortgage (QRM), where the mortgage bank has to put $10K into each loan if the loan exceeds a certain LTV. Right now Wells is suggesting loans over a 70% LTV...Give me a break..how many transactions are written with 30% down borrowers. But that hasn't received the press this MLO ruling has. So hopefully it will die when they see how ridiculous it really is. HELP US!!

[gourmetcook1]

Thank you @conradpilapil for educating me about sub prime mortgages. Since I've only been in the mortgage industry for 29 years I wasn't quite sure of their history and background. I am so glad you know about CRA and all the talking points. By the way talking about education, do you know who was on the very first NAMBEF Board? That's NAMB Educational Foundation. My point wasn't where sub prime came from. I know who , what where and when the sub prime products originated.

[brokerknowledge]

This piece from Potomac has been in the rule since day 1. Is this a surprise?

[jdcampbell123]

NAMB needs to be clear in it's discussion of this rule the differences between how it effects brokers verses bankers. According to the 2010 GFE rules, the broker is always compensated by the borrower and we must state what we want to make in Block 1. That's binding. Any credit for the rate chosen (YSP) belongs to the borrower, and can offset the broker charges. Seems to me this new rule only impacts mortgage bankers, but we're seeing different interpretations coming from wholesale lenders.

[themtgelady]

What has happened to America? When has it ever been acceptable for the government to tell a business not only how much they can make per transaction, but how much they can pay their employees as well? This will not only be devastating to our industry, but will be detrimental to the consumer. Every Loan Officer needs to stop what they are doing right now and call/write their congressmen and senators. They must understand that this needs to be repealed immediately!! DO IT NOW!

[jdcampbell123]

You say that a group of attorneys talked to the Fed. What group of attorneys? Who do these attorneys work for and how do we know that this new interpretation is the one we're going to have to live with?