[CA renter]

HLS,

You’re obviously top-notch, and it’s a pleasure to have people with ethics representing the MB’s perspective. Thank you!

Regarding being offended…some people (most of us!) get offended if someone else suggests that they might be paid too much. Many MBs seem to think they ought to be paid more than attorneys and CPAs, and I challenged that thinking a bit in my post.

As you know, MBs were making TONS of money by ripping-off naive borrowers — much more money than most CPAs and attorneys make. Some MBs would try to justify that, and that’s what I was getting at.

Thanks for your input! Take care! 🙂

[CA renter]

HLS, thank you for your comments & especially for not being offended by my post! 😉

We agree about all the above.

Will be contacting you when/if(??) we ever decide to buy a house. Hoping the govt steps back and lets the market run its course so we don’t end up even worse-off.

Take care!

[CA renter]

HLS, thank you for your comments & especially for not being offended by my post! 😉

We agree about all the above.

Will be contacting you when/if(??) we ever decide to buy a house. Hoping the govt steps back and lets the market run its course so we don’t end up even worse-off.

Take care!

[CA renter]

HLS, thank you for your comments & especially for not being offended by my post! 😉

We agree about all the above.

Will be contacting you when/if(??) we ever decide to buy a house. Hoping the govt steps back and lets the market run its course so we don’t end up even worse-off.

Take care!

[CA renter]

HLS, thank you for your comments & especially for not being offended by my post! 😉

We agree about all the above.

Will be contacting you when/if(??) we ever decide to buy a house. Hoping the govt steps back and lets the market run its course so we don’t end up even worse-off.

Take care!

[CA renter]

HLS, thank you for your comments & especially for not being offended by my post! 😉

We agree about all the above.

Will be contacting you when/if(??) we ever decide to buy a house. Hoping the govt steps back and lets the market run its course so we don’t end up even worse-off.

Take care!

[CA renter]

I’ll preface this question/comment by saying that I mean no disrespect or offense to anyone, and I **really** mean that.

As HLS stated, most people are willing to spend money on attorneys and CPAs, but not necessarily mortgage brokers.

Here’s my take. Attorneys and CPAs have at least a B.A. and post-graduate courses/degrees, and are licensed and highly regulated. Mortgage brokers are not required to have college degrees nor pass the kinds of tests CPAs and attorneys are required to pass.

Mortgage brokers/officers are **supposed to be** highly regulated, but the past few years show us that they are not regulated nearly enough. Some might argue that the damage mortgage brokers can do to society is much greater than the damage done by CPAs or attorneys (as representatives of individuals), so they should be even more tightly regulated.

I pay our (RE) attorney $250/hr and our CPA anywhere from $250-$400 per return (and she often works “for free” when I call her with odd questions or she handles some paperwork on our behalf — her choice, as I always offer to pay). Both of these people are courteous, proficient and professional…always.

Would mortgage brokers be willing to earn $250-$350 an hour? I think most people would be more than willing to pay them for their services, but most borrowers would naturally balk at paying MBs more than their attorneys or CPAs.

Personally, I know what I want in a loan (15 or 30-yr FRM, fully amortized with no PPP or balloon payment, etc.). It’s **expected** that a MB is capable of handling the paperwork, faxes, etc. in a timely, accurate and professional manner, otherwise, they should have their licenses yanked or be thrown in jail (if they try to trick borrowers with different terms at the closing table — not uncommon in past years). As a borrower, the only thing that SHOULD matter is price and rate — the bottom line in the short and long-term to the borrower.

Am I wrong about to think this way?

Not trying to pick on MBs, as I feel the same way about Realtors, etc.

BTW, I really appreciate everyone sharing their perspectives, as that’s how we learn. Please don’t think I’m trying to pick on anyone here! 🙂

[CA renter]

I’ll preface this question/comment by saying that I mean no disrespect or offense to anyone, and I **really** mean that.

As HLS stated, most people are willing to spend money on attorneys and CPAs, but not necessarily mortgage brokers.

Here’s my take. Attorneys and CPAs have at least a B.A. and post-graduate courses/degrees, and are licensed and highly regulated. Mortgage brokers are not required to have college degrees nor pass the kinds of tests CPAs and attorneys are required to pass.

Mortgage brokers/officers are **supposed to be** highly regulated, but the past few years show us that they are not regulated nearly enough. Some might argue that the damage mortgage brokers can do to society is much greater than the damage done by CPAs or attorneys (as representatives of individuals), so they should be even more tightly regulated.

I pay our (RE) attorney $250/hr and our CPA anywhere from $250-$400 per return (and she often works “for free” when I call her with odd questions or she handles some paperwork on our behalf — her choice, as I always offer to pay). Both of these people are courteous, proficient and professional…always.

Would mortgage brokers be willing to earn $250-$350 an hour? I think most people would be more than willing to pay them for their services, but most borrowers would naturally balk at paying MBs more than their attorneys or CPAs.

Personally, I know what I want in a loan (15 or 30-yr FRM, fully amortized with no PPP or balloon payment, etc.). It’s **expected** that a MB is capable of handling the paperwork, faxes, etc. in a timely, accurate and professional manner, otherwise, they should have their licenses yanked or be thrown in jail (if they try to trick borrowers with different terms at the closing table — not uncommon in past years). As a borrower, the only thing that SHOULD matter is price and rate — the bottom line in the short and long-term to the borrower.

Am I wrong about to think this way?

Not trying to pick on MBs, as I feel the same way about Realtors, etc.

BTW, I really appreciate everyone sharing their perspectives, as that’s how we learn. Please don’t think I’m trying to pick on anyone here! 🙂

[CA renter]

I’ll preface this question/comment by saying that I mean no disrespect or offense to anyone, and I **really** mean that.

As HLS stated, most people are willing to spend money on attorneys and CPAs, but not necessarily mortgage brokers.

Here’s my take. Attorneys and CPAs have at least a B.A. and post-graduate courses/degrees, and are licensed and highly regulated. Mortgage brokers are not required to have college degrees nor pass the kinds of tests CPAs and attorneys are required to pass.

Mortgage brokers/officers are **supposed to be** highly regulated, but the past few years show us that they are not regulated nearly enough. Some might argue that the damage mortgage brokers can do to society is much greater than the damage done by CPAs or attorneys (as representatives of individuals), so they should be even more tightly regulated.

I pay our (RE) attorney $250/hr and our CPA anywhere from $250-$400 per return (and she often works “for free” when I call her with odd questions or she handles some paperwork on our behalf — her choice, as I always offer to pay). Both of these people are courteous, proficient and professional…always.

Would mortgage brokers be willing to earn $250-$350 an hour? I think most people would be more than willing to pay them for their services, but most borrowers would naturally balk at paying MBs more than their attorneys or CPAs.

Personally, I know what I want in a loan (15 or 30-yr FRM, fully amortized with no PPP or balloon payment, etc.). It’s **expected** that a MB is capable of handling the paperwork, faxes, etc. in a timely, accurate and professional manner, otherwise, they should have their licenses yanked or be thrown in jail (if they try to trick borrowers with different terms at the closing table — not uncommon in past years). As a borrower, the only thing that SHOULD matter is price and rate — the bottom line in the short and long-term to the borrower.

Am I wrong about to think this way?

Not trying to pick on MBs, as I feel the same way about Realtors, etc.

BTW, I really appreciate everyone sharing their perspectives, as that’s how we learn. Please don’t think I’m trying to pick on anyone here! 🙂

[CA renter]

I’ll preface this question/comment by saying that I mean no disrespect or offense to anyone, and I **really** mean that.

As HLS stated, most people are willing to spend money on attorneys and CPAs, but not necessarily mortgage brokers.

Here’s my take. Attorneys and CPAs have at least a B.A. and post-graduate courses/degrees, and are licensed and highly regulated. Mortgage brokers are not required to have college degrees nor pass the kinds of tests CPAs and attorneys are required to pass.

Mortgage brokers/officers are **supposed to be** highly regulated, but the past few years show us that they are not regulated nearly enough. Some might argue that the damage mortgage brokers can do to society is much greater than the damage done by CPAs or attorneys (as representatives of individuals), so they should be even more tightly regulated.

I pay our (RE) attorney $250/hr and our CPA anywhere from $250-$400 per return (and she often works “for free” when I call her with odd questions or she handles some paperwork on our behalf — her choice, as I always offer to pay). Both of these people are courteous, proficient and professional…always.

Would mortgage brokers be willing to earn $250-$350 an hour? I think most people would be more than willing to pay them for their services, but most borrowers would naturally balk at paying MBs more than their attorneys or CPAs.

Personally, I know what I want in a loan (15 or 30-yr FRM, fully amortized with no PPP or balloon payment, etc.). It’s **expected** that a MB is capable of handling the paperwork, faxes, etc. in a timely, accurate and professional manner, otherwise, they should have their licenses yanked or be thrown in jail (if they try to trick borrowers with different terms at the closing table — not uncommon in past years). As a borrower, the only thing that SHOULD matter is price and rate — the bottom line in the short and long-term to the borrower.

Am I wrong about to think this way?

Not trying to pick on MBs, as I feel the same way about Realtors, etc.

BTW, I really appreciate everyone sharing their perspectives, as that’s how we learn. Please don’t think I’m trying to pick on anyone here! 🙂

[CA renter]

I’ll preface this question/comment by saying that I mean no disrespect or offense to anyone, and I **really** mean that.

As HLS stated, most people are willing to spend money on attorneys and CPAs, but not necessarily mortgage brokers.

Here’s my take. Attorneys and CPAs have at least a B.A. and post-graduate courses/degrees, and are licensed and highly regulated. Mortgage brokers are not required to have college degrees nor pass the kinds of tests CPAs and attorneys are required to pass.

Mortgage brokers/officers are **supposed to be** highly regulated, but the past few years show us that they are not regulated nearly enough. Some might argue that the damage mortgage brokers can do to society is much greater than the damage done by CPAs or attorneys (as representatives of individuals), so they should be even more tightly regulated.

I pay our (RE) attorney $250/hr and our CPA anywhere from $250-$400 per return (and she often works “for free” when I call her with odd questions or she handles some paperwork on our behalf — her choice, as I always offer to pay). Both of these people are courteous, proficient and professional…always.

Would mortgage brokers be willing to earn $250-$350 an hour? I think most people would be more than willing to pay them for their services, but most borrowers would naturally balk at paying MBs more than their attorneys or CPAs.

Personally, I know what I want in a loan (15 or 30-yr FRM, fully amortized with no PPP or balloon payment, etc.). It’s **expected** that a MB is capable of handling the paperwork, faxes, etc. in a timely, accurate and professional manner, otherwise, they should have their licenses yanked or be thrown in jail (if they try to trick borrowers with different terms at the closing table — not uncommon in past years). As a borrower, the only thing that SHOULD matter is price and rate — the bottom line in the short and long-term to the borrower.

Am I wrong about to think this way?

Not trying to pick on MBs, as I feel the same way about Realtors, etc.

BTW, I really appreciate everyone sharing their perspectives, as that’s how we learn. Please don’t think I’m trying to pick on anyone here! 🙂

[CA renter]

Maybe lenders are holding off on foreclosures because Barney Frank threatened them (with regulation?? Ack!) if they didn’t “pause” foreclosures:

House Financial Services Committee Chairman Barney Frank (D-MA) waved a bit of a stick in the face of loan servicers, saying that “Servicers should put a pause in some foreclosures until they can wait to see exact details of this as it moves forward. If after this we continue to get very little participation by services, I can guarantee you that the servicer industry will look very different a year from now than they do today. If after everything we do in this cooperative way falls short, then you are going to see legislation that puts some very real restrictions on the role of servicers and give many more rights to the borrowers.”

http://www.mortgagenewsdaily.com/522008_FHA_Short_Pay_Loans.asp

[CA renter]

Maybe lenders are holding off on foreclosures because Barney Frank threatened them (with regulation?? Ack!) if they didn’t “pause” foreclosures:

House Financial Services Committee Chairman Barney Frank (D-MA) waved a bit of a stick in the face of loan servicers, saying that “Servicers should put a pause in some foreclosures until they can wait to see exact details of this as it moves forward. If after this we continue to get very little participation by services, I can guarantee you that the servicer industry will look very different a year from now than they do today. If after everything we do in this cooperative way falls short, then you are going to see legislation that puts some very real restrictions on the role of servicers and give many more rights to the borrowers.”

http://www.mortgagenewsdaily.com/522008_FHA_Short_Pay_Loans.asp

[CA renter]

Maybe lenders are holding off on foreclosures because Barney Frank threatened them (with regulation?? Ack!) if they didn’t “pause” foreclosures:

House Financial Services Committee Chairman Barney Frank (D-MA) waved a bit of a stick in the face of loan servicers, saying that “Servicers should put a pause in some foreclosures until they can wait to see exact details of this as it moves forward. If after this we continue to get very little participation by services, I can guarantee you that the servicer industry will look very different a year from now than they do today. If after everything we do in this cooperative way falls short, then you are going to see legislation that puts some very real restrictions on the role of servicers and give many more rights to the borrowers.”

http://www.mortgagenewsdaily.com/522008_FHA_Short_Pay_Loans.asp

[CA renter]

Maybe lenders are holding off on foreclosures because Barney Frank threatened them (with regulation?? Ack!) if they didn’t “pause” foreclosures:

House Financial Services Committee Chairman Barney Frank (D-MA) waved a bit of a stick in the face of loan servicers, saying that “Servicers should put a pause in some foreclosures until they can wait to see exact details of this as it moves forward. If after this we continue to get very little participation by services, I can guarantee you that the servicer industry will look very different a year from now than they do today. If after everything we do in this cooperative way falls short, then you are going to see legislation that puts some very real restrictions on the role of servicers and give many more rights to the borrowers.”

http://www.mortgagenewsdaily.com/522008_FHA_Short_Pay_Loans.asp

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