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Support HR 1077, HR 2767 & SB 949

Posted in Government, H.R. 1077, H.R. 2767, S.B. 949 | Comments Off on Support HR 1077, HR 2767 & SB 949

Come Jan 10th, 2014, if no action is taken, the mortgage world will become even more complicated and confusing for consumers as a result of the new Qualified Mortgage.


CALL TO ACTION!!

In addition to less transparency for consumers, many of the small, local broker shops will be forced to close or get absorbed by a larger bank.

What’s important to understand is the underlying purpose of the Qualified Mortgage is to give banks protection from being sued by consumers after a loan closes. So, with that in mind, it’s less surprising that a law intended to protect big banks, doesn’t protect consumers.

What is surprising is that the CFPB, The Consumer Financial Protection Bureau, is the agency enforcing it.

Thankfully, there are amendments to the bill that will make it work for both the consumer and for small business.

HR1077 and S949 all work to level the playing field for brokers and banks. Help support the passage of these bills by sending this video to your respective congressional representatives – find yours here: http://www.usa.gov/Contact/Elected.shtml

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Call to Action: Frank-Dodd Act Hurting Our Industry

Posted in Government, H.R. 1077, H.R. 2767, S.B. 949 | Comments Off on Call to Action: Frank-Dodd Act Hurting Our Industry

Dodd-Frank-Info

When the Dodd-Frank act was passed in 2009, the various reforms enacted had staggered effective dates. On January 10, 2014, the Qualified Mortgage (QM) rule will go into effect.

As written currently, the rule will disproportionately impact small brokerages like ours. Banks are not required to disclose their fees in the same way that brokerages do, and the new rule does not account for this discrepancy.

There are currently three bills that would amend the QM rule to even out the requirement between banks and brokerages. More information about QMs can be found hereThis document outlines the changes that 1077 will make to the QM rule.

We are taking action to help with the passage of 1077, 2767, and 949. We need as much support as we can get. Please, take a few minutes to send this letter to your Congressman.

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