Comments on: Are Changes Coming to Mortgage Regulations? http://www.everyjoe.com/articles/are-changes-coming-to-mortgage-regulations/ Sports News - Tech Reviews - Entertainment - Life Tips for EveryJoe Mon, 21 Dec 2009 15:06:22 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Miranda Marquit http://www.everyjoe.com/articles/are-changes-coming-to-mortgage-regulations/comment-page-1/#comment-341496 Miranda Marquit Fri, 26 Jun 2009 13:15:06 +0000 http://www.bizzia.com/articles/are-changes-coming-to-mortgage-regulations/#comment-341496 I like the idea of a distance between appraisers and loan officers. You are right that one of the biggest problems leading up to the mortgage crisis was, in fact, valuation. An appraiser would have to give a certain value -- or risk losing business from the lender. I like the idea of a distance between appraisers and loan officers. You are right that one of the biggest problems leading up to the mortgage crisis was, in fact, valuation. An appraiser would have to give a certain value — or risk losing business from the lender.

]]> By: dcdubbs http://www.everyjoe.com/articles/are-changes-coming-to-mortgage-regulations/comment-page-1/#comment-341497 dcdubbs Fri, 26 Jun 2009 05:34:26 +0000 http://www.bizzia.com/articles/are-changes-coming-to-mortgage-regulations/#comment-341497 I think that we will see a lot of states following IL in that there will be a mandatory arms length between loan agents and appraisers. One of the greatest areas of fraud is false valuation. Given that home prices have moved either up or down so drastically over the past 5 yrs, its harder than ever to track. So the best way is to keep the appraisers as far away from influence as possible. You'll also see a lot more states loan officers to take a mandatory test before giving them their license. If you are curious as to what the laws look like in your state - I found this list the other day- pretty helpful: http://www.bankapedia.com/mortgage-encyclopedia/state-mortgage-laws I think that we will see a lot of states following IL in that there will be a mandatory arms length between loan agents and appraisers. One of the greatest areas of fraud is false valuation. Given that home prices have moved either up or down so drastically over the past 5 yrs, its harder than ever to track. So the best way is to keep the appraisers as far away from influence as possible.

You’ll also see a lot more states loan officers to take a mandatory test before giving them their license.

If you are curious as to what the laws look like in your state – I found this list the other day- pretty helpful:
http://www.bankapedia.com/mortgage-encyclopedia/state-mortgage-laws

]]> By: LoanShak » Mortgage Regulations Could See Changes http://www.everyjoe.com/articles/are-changes-coming-to-mortgage-regulations/comment-page-1/#comment-341494 LoanShak » Mortgage Regulations Could See Changes Thu, 18 Jun 2009 15:58:31 +0000 http://www.bizzia.com/articles/are-changes-coming-to-mortgage-regulations/#comment-341494 [...] regulation, though, that could all change. Part of his suggestions for regulatory reform include standards that would be uniform across the entire mortgage industry. These uniform requirements could possible include the following: * Mortgage brokers would have to [...] [...] regulation, though, that could all change. Part of his suggestions for regulatory reform include standards that would be uniform across the entire mortgage industry. These uniform requirements could possible include the following: * Mortgage brokers would have to [...]

]]> By: Jim http://www.everyjoe.com/articles/are-changes-coming-to-mortgage-regulations/comment-page-1/#comment-341495 Jim Thu, 18 Jun 2009 14:20:16 +0000 http://www.bizzia.com/articles/are-changes-coming-to-mortgage-regulations/#comment-341495 Instead of creating more bloated bureaucracies that will add to the ranks of our ineffective regulators, the best thing that could happen is for the consumer to become knowledgeable and responsible for their own financial well-being. Do we really need Big-Brother telling us what is in our best interests? Are we not capable of being the CEO of ourselves and our finances? Maybe our grandparents were onto something doing business in cash only.... less temptation to do stupid things, and dollar bills are more real than plastic. Instead of creating more bloated bureaucracies that will add to the ranks of our ineffective regulators, the best thing that could happen is for the consumer to become knowledgeable and responsible for their own financial well-being. Do we really need Big-Brother telling us what is in our best interests? Are we not capable of being the CEO of ourselves and our finances? Maybe our grandparents were onto something doing business in cash only…. less temptation to do stupid things, and dollar bills are more real than plastic.

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