The H.R. 1728: Mortgage Reform and Anti-Predatory Lending Act is a problem that all mortgage and real estate professionals need to pay attention to.
My first rule of blogging has always been to avoid political discussions, especially if I’m not an expert on every angle of the topic.
So, with my second post to the BHB, I’m breaking all of my rules…. I guess this means that I’m starting to get the hang of things around here.
The difference with this post is that I’m putting my self-consciousness and ego aside for a moment. I believe that there is way too much at stake for me to wait around until I’m comfortable putting my neck on the line. I’m taking Greg’s 70% approach and running with it
If I’m wrong or barking up the wrong tree, I humbly respect that the Hounds of this community will set me straight. Matter of fact, I’ll do my best to encourage any type of discussion, rant, or other demonstration of disgust, as long as it helps us get closer to the truth behind HR 1728.
Here’s the deal, friends – HR 1728 has passed the House, which means it still has to go before the Senate and then pass Obamanomics before it becomes a law.
I’ve spent a significant amount of time reading, researching and writing about how mortgage originators can battleback against this new Mortgage Reform bill.
I’m either missing a beat, presenting the wrong info, or not yelling loud enough, because it doesn’t seem like there is much talk online about how this new Anti-Predatory Lending bill will impact our industry.
Obviously, HVCC is getting some reaction, probably because people are already feeling the pain in their wallets.
However, a lot of us may have to turn to online gaming and selling weed to make a living if H.R. 1728 makes it through the Senate without our voices being heard.
What are the main bullets of HR 1728 that I care about?
- Mortgage brokers lose the ability to use their YSP (Yield Spread Premium) to offer No-Cost mortgage loans. Banks, on the other hand, still don’t have to disclose their same (SRP).
- It will Read more