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WIZ18
Flash in the pan


Joined: 17 Feb 2011
Posts: 33

Flat Out Denied
PostPosted: Wed Apr 06, 2011 1:17 am Reply with quoteBack to top

Court Overturns Delay - FRB's Originator Compensation Rule
Will Be Implemented Wednesday, April 6, 2011


April 5, 2011

Dear Valued Business Partner,

The U.S. Circuit Court of Appeals for the District of Columbia Circuit has just issued an Order dissolving the Administrative Stay which was issued on March 31, 2011. Accordingly, the Federal Reserve Board’s implementation of the Loan Originator Compensation Rule (“Rule”) goes into effect immediately. We must be prepared to implement our plans for all loans on which an application is received on or after April 6, 2011.
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BigRed1
Flash in the pan


Joined: 31 Jul 2008
Posts: 27

Re: Flat Out Denied
PostPosted: Wed Apr 06, 2011 2:59 am Reply with quoteBack to top

Unfortunate, but this is not surprising. Real Estate agents prepare thyself….you guys are next if this government continues this madness Shocked

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StephenF
Nitroglycerin


Joined: 08 Dec 2007
Posts: 981
Location: New Jersey

Re: Flat Out Denied
PostPosted: Wed Apr 06, 2011 12:54 pm Reply with quoteBack to top

BigRed1 wrote:
Unfortunate, but this is not surprising. Real Estate agents prepare thyself….you guys are next if this government continues this madness Shocked


I agree BigRed, I just had this conversation with 2 R/E Agents the other night as they were not aware of what was happening to the Originators comp schedules.

I contend that with all the REO and such the Bigs will simply start to offer a flat fee to sell a property. I envision a person at the bank that a consumer would stroll over to and begin to discuss what homes are available. In any state (gotta love the computer)

I am constantly asked by the drive-thru teller if I am interested in a mortgage, how hard would it be for the teller to say "would you be interested in looking at our inventory of homes?" See ya 6%...

Scary huh (if you are a R/E Agent)

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BIGTXLENDER
Dyn-o-mite!


Joined: 22 Nov 2008
Posts: 217
Location: TEXAS

Re: Flat Out Denied
PostPosted: Thu Apr 07, 2011 12:33 pm Reply with quoteBack to top

I hate to say it but NAR does have a good lobby, perhaps they can help us get some of what we lost back?? who knows...

They are suffering too in this market.

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outsider74
Dud?


Joined: 07 Apr 2011
Posts: 2

NAR
PostPosted: Thu Apr 07, 2011 1:11 pm Reply with quoteBack to top

The NAR is a very powerful lobby. Their numbers are way down but they are extremely organized from the top down and they respond to every call to action.
I suppose they all have a lot of time on their hands.

However, don't expect them to help the cause. They are more focused on keeping their commission rates. They can't take their eye off of the ball. No Senator will bring that issue up, the realtors contribute money to all of them.

Don't you think you would have heard a bigger cry about how the realtors were just as liable and profited substantially off of the "stupid consumer" and "greedy mortgage broker"?

Crickets on that one.
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BIGTXLENDER
Dyn-o-mite!


Joined: 22 Nov 2008
Posts: 217
Location: TEXAS

Re: NAR
PostPosted: Thu Apr 07, 2011 2:08 pm Reply with quoteBack to top

outsider74 wrote:
The NAR is a very powerful lobby. Their numbers are way down but they are extremely organized from the top down and they respond to every call to action.
I suppose they all have a lot of time on their hands.

However, don't expect them to help the cause. They are more focused on keeping their commission rates. They can't take their eye off of the ball. No Senator will bring that issue up, the realtors contribute money to all of them.

Don't you think you would have heard a bigger cry about how the realtors were just as liable and profited substantially off of the "stupid consumer" and "greedy mortgage broker"?

Crickets on that one.


yes I agree on that... I think at least FHA has put a kybosh on whacked out Realtor commissions. I know we wont fund an FHA if the Agents exceed 8% total of the sales price

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Last edited by BIGTXLENDER on Thu Apr 07, 2011 2:46 pm; edited 1 time in total
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Snets
Nitroglycerin


Joined: 12 Nov 2008
Posts: 875
Location: Palm Beach County

Re: Flat Out Denied
PostPosted: Thu Apr 07, 2011 2:18 pm Reply with quoteBack to top

I have two thoughts

1. Realtors are not going to lift a pinkie to help us - maybe individually they have some sympathy here and there but as a group - they could care less - they just want their deals done and they don't care who does them or what the consumer pays - until their deals are getting held up or until their clients won't qualify because of bank's elevated rates - you will hear nothing from them - cynical - perhaps

2. It's over - I applaud Mark Savitt and all the others - they are warriors - they are gladiators - they fought a good fight and they represented us as well as they possibly could - I am grateful for NAIHP and NAMB's efforts - but let's face it - no matter what kind of hue and cry we raise - the gubmit has unlimited resources and we have no meaningful allies in this fight to "increase the din". We need to accept the fact that for all intents and purposes - this won't be overturned - we need to accept that.

Let's do as someone else said - adapt and conquer!
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BIGTXLENDER
Dyn-o-mite!


Joined: 22 Nov 2008
Posts: 217
Location: TEXAS

Re: Flat Out Denied
PostPosted: Thu Apr 07, 2011 3:41 pm Reply with quoteBack to top

perhaps this may work?

http://www.thecypresstimes.com.....OVER/42910

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Tobby
Cherry Bomb


Joined: 26 Apr 2008
Posts: 134
Location: Naples, Florida

Realtors real slow
PostPosted: Thu Apr 07, 2011 3:48 pm Reply with quoteBack to top

Quote:
Realtors are not going to lift a pinkie to help us - maybe individually they have some sympathy here and there but as a group - they could care less - they just want their deals done and they don't care who does them or what the consumer pays - until their deals are getting held up or until their clients won't qualify because of bank's elevated rates - you will hear nothing from them - cynical - perhaps


The leadership at NAR has been woefully inadequate over the last five years. NAR has had zero insight into the troubled waters ahead. Take for example the HVCC appraisal issue. The appraisal organizations screamed loud and clear and asked for NAR's help in fending off this debacle. NAR threw them under the bus. That is until their member's real estate deals started blowing up because of shoddy AMC appraisals. Then they complained.

The elimination of competition will raise prices. This is economics 101. You can take it to the bank (pun intended) that Realtor's deals will start blowing up because they will have limited choices and higher rates. Then they will complain. Late as usual.
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BIGTXLENDER
Dyn-o-mite!


Joined: 22 Nov 2008
Posts: 217
Location: TEXAS

Re: Flat Out Denied
PostPosted: Thu Apr 07, 2011 4:31 pm Reply with quoteBack to top

Tobby you are right as rain!!!

NAR has been a dollar short and a day late ....we all know 90% of Realtors do not care about anyone but themselves and their sacred 6%

wow just imagine if we made 6% on every deal and or 3% on every deal, and had 'Borrower Agreements' that kept borrowers from going to another lender at any time during the process,

all Realtors ever have to worry about after the contract is when am I gettting paid

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