Having been in the industry long enough to see several ups and downs, this new set of changes set upon us in 2010 is not the end all. At least for myself and the fine folks at Creekside Mortgage, Inc.. We have all tried to prepare as much as possible for the events that have unfolded and maybe some were more prepared than others here at Creekside Mortgage, Inc, however our attitudes as a group have propelled us to an altitude that will allow us to make it through the adversity that awaits us.
I had the opportunity to go to Atlantis, in the Bahama's recently and upon my return didnt expect anything out of the norm upon returning to work. Other than having had such an amazing time that I wish I could have stayed one more week. I made a promise to myself prior to going. I was going to make it through this season of change.....in which my personality allows me to embrace change, pull the positive out of it and get on with life. Some individuals may find change a little more uncomfortable. For those that do, I'm not exactly sure how to advise you to better look at the situation (change), however, like any adverse situation that comes your way, attitude is KING !!! So keep that in mind while traveling through life.
I came back from vacation to find that everything was fine, we are all having to deal with the same issue's and no one has a sense of panic or fear (at least not to my knowledge) and everyone is committed to going forward, making the charge to get to the front line's, win our battle and go home and feast on the knowledge that we, and you can conquer what you set your mind to. I am not saying that there wont be hardship, because anything worth succeeding at is going to be tough. Its true, it really is. So while your going through your day and that thought that might creep into your mind says, "this isn't worth it", stop and think about a couple of things. This change is good for you and the industry, if your providing sound professional and honest transaction advise, and your morals and value's are in the right spot. If not you might want to look to another profession and I promise this is another "thinning of the heard" so to speak. Every time that such change comes our way another group of loan officers, brokers and all of the support staff it takes to make it happen bail on the industry. So, stop and think about it before you throw in the towel, unless your in it for the wrong reason to begin with, be my guest and hit the road.
Are you a loan officer?? Part of the NMLS ??? Do you have any idea that your identity can be seen clearly thru the NMLS consumer system now??
Oh, but the public can view Mortgage Loan Originator licensing information through the NMLS Consumer Access path starting January 25th. The website (NMLS Consumer Access) will make information available about mortgage loan originators due to the SAFE Act. Information will include the NMLS Unique ID, agent's name, business phone & fax, an indication as to whether the agent is engaged in other business as director, owner, employee, etc., any other names being used, employment history for the last 10 years, license name/number/status by jurisdiction, along with license sponsorship, and branch location associated with the individual. Brokers and agents are being encouraged to review their information in NMLS that will be made publicly available to ensure that it is how you wish the information to be represented publicly. The NMLS is a system of record for state licensure and any information submitted requires an attestation by you to its accuracy.
A trial program for placing this information on chips and implanting them in brokers & mortgage loan officer's will begin soon in some parts of the nation. (OK, just kidding, dont get all worked up !!) This could be seen in several lights. A major over correction from the Fed's in lieu of all the fallout from the economic Meltdown, derived directly from the Sub-prime catastrophe. Or just a sign of the time's. Life will be a little difficult (GFE, RESPA changes) and we'll have to adjust, but go on. Or you feel totally violated so your taking your pencils and pens, and not playing in this sandbox any longer, and going home. Well Has-ta La-vista to you folks, and best of Luck. It is what it is. Get on with yourself one way or another, just GET ON !!!!
Brokers are in shell shock over the new RESPA and GFE and the fear that human error is going to cost them big if they misquote a fee. And then with the DRE national registry and new NMLS&R about to pull originator's credit over the next year, there is another level of panic on whether personal financial issues are going to result in licenses being pulled. Does the medical profession require that a doctor be of great health for the last year in order to practice medicine?"
Many argue that we are in the midst of "irrational regulation, when it is the mission of seemingly every state and federal legislator to do something to make sure a credit crisis like this never happens again. Certainly originators, especially multi-state, anticipate an increase in cost of doing business, whether it is in upfront compliance or in buybacks continuing for years, that will have the unintended consequence of higher rates and fees to the consumer.
Confused about Yield Spread Premium? Join the crowd, but it seems that going forward brokers cannot simply receive YSP. It is generally agreed that brokers have to show the origination fee on the GFE, and then show that using some/all of YSP the broker "offset" that origination fee in addition to any processing, underwriting, and other miscellaneous broker fees. If there is more YSP then total broker origination fee, a portion of the YSP goes back to the borrower and cannot simply go directly to the broker.
We have heard for some time about the change that was imminent. Some prepared for the change with webinars, classes, luncheons, and reading material. Some have actually made an attempt to embrace the change while other's truly cringed at the notion that this was inevitible, and thought it may just blow over and life would go on. NOT HAPPENING. Its here. It should be looked at as a positive in many respects. If you a true professional in this business and are prepared to change with the times, then great. Please realize that this will benefit many old schoolers, due to many newbies, or less than desirable in the industry will drop by the way side. They wont embrace the change, or will find it too cumbersome to overcome or deal with. So......once again......the industry will tighten up and get a little leaner. Not such a bad thing. Also the lenders are already finding ways to "bundle" fee's, & make life a little easier in the transition. I expect title/escrow offices are doing the same. Hang in there folks.......its not the end all.