This bill is ludicrous. Why did I bother getting the only full eagle in the county? Now the c**p shop up the road that would never qualify for approval could make an application and run for months against me - 90% of the foreclosures in the county track back to that shop.
When everyone is struggling for survival and your company has invested in compliance, recruitment of quality LO's, etc., it's rediculous to open the gate to any one that can't meet the same criteria.
you are right, but the only bottom line they see is butts in the houses.........any which way they can evidently................empty houses are crashing the economy, we knew all the industries we were carrying, they evidently didn't
rent to owns will be the next open barn door policy.............
[quote="angryvoodoo"]maybe that's the plan; to be inundated is an excuse for inaction.
how do u stop the leak in the damn? a plug. Massive originations that go nowhere seem like a good plug to me.
YOU ARE RIGHT ON,
this will keep the bees busy, the NAR will report the application numbers, VOILA THE CRISIS IS OVER,
the market will rise, the big boys will sell off
and by August the market drops 8,000 when the fallout and waste of time and money is obvious for flooding the system with bad apps
.........but the ball was moved down the field closer and closer to the elections, i.e. like you said, time wasted, before the people are selling apples
Please educate me on how a shop that is not currently FHA approved going to automatically clog the system with junk files? Sounds like a bold assumption to me.
I know there are many quality, professional shops out there who know how to legitimately sell, and process loan files that who are not currently FHA approved. Because a shop has the audited financials and requirements completed does that make them somehow more qualified to submit a quality file?
Please educate me on how a shop that is not currently FHA approved going to automatically clog the system with junk files? Sounds like a bold assumption to me.
I know there are many quality, professional shops out there who know how to legitimately sell, and process loan files that who are not currently FHA approved. Because a shop has the audited financials and requirements completed does that make them somehow more qualified to submit a quality file?
I am hoping what they meant was that FHA has its own silly, redudant language. They create it that way for employing a whole other group of people doing the exact same thing as conventional but more bodies needed to do the work.
They have weird rules that totally lock qualified conventional buyers out.
One confusing example: PMI is conventional mortgage insurance, Funding Fee is VA and MIP is FHA, see where I am going, whole new language and just learning it will make you pull your hair out if you are used to doing common sense things.
If you have no government knowledge at all it would be like taking an application in Spanish and not speaking the language, you think you know what the form means, but you aren't sure..........
qualified brokers can get it, but the time needed to weed thru the regulations would probably gum up the already slow works
icenvegas Schumpeter Reincarnate
Joined: 22 Nov 2007
Posts: 3861
Location: Las Vegas
Holy Mother of God..
Its freakin Armageddon, the end is near..
Not because of this legislation, but because A) Catherine is making sense again, and B) I'm in complete agreement with her.
You get back on your meds Cat?
Ice I'm so glad you are wearing the hat I made for you. You are sounding logical.
_________________ "For every thousand hacking at the leaves of evil , there is one striking at the root" - Henry David Thoreau
In the end, though, I believe that the freedom/liberty people and message and the natural physics of the events at work, will assist the centralized power structures of the last two centuries to crumble to ash under their own despotic mass.
JW
icenvegas Schumpeter Reincarnate
Joined: 22 Nov 2007
Posts: 3861
Location: Las Vegas
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