Comments on: Interview with FHA Commissioner

By: Anonymous

Anonymous — Wed, 10 Mar 2010 19:51:00 +0000

Fun times to be a business owner in any business.

By: Anonymous

Anonymous — Wed, 10 Mar 2010 18:48:00 +0000

Sad to say I remember Savings and Loan Association management teams saying much the same type of thing about 30 years ago. It was because of their demise that brokers became relevant. Is this another cycle in the mortgage industry?rnrnHold on tight. This ride could be worse than the most hair raising rollercoaster ride yet.

By: lancejackson

lancejackson — Wed, 10 Mar 2010 17:51:08 +0000

Fun times to be a business owner in any business.

By: Anonymous

Anonymous — Wed, 10 Mar 2010 17:37:00 +0000

Everyone knows that small business is the main driver of employment growth. Mortgage brokers are small businesses, and will continue to exist and flourish once things improve. In the meantime some will shake out, just as some large lenders will (SLN for example).

By: The_Cynic

The_Cynic — Wed, 10 Mar 2010 16:48:43 +0000

Hold on tight. This ride could be worse than the most hair raising rollercoaster ride yet.

By: lancejackson

lancejackson — Wed, 10 Mar 2010 15:37:44 +0000

By: The_Critic

The_Critic — Tue, 09 Mar 2010 19:18:56 +0000

While the words are kind and wise, the actions of HUD and Congress are otherwise. As many of us work diligently to complete new origination requirements, others have minimal new requirements. As brokers and others scramble to comply with new requirements, other retailers have few new rules impacting them.

The proof will be seen in how many brokers are still standing 12 months from now. Most of us who will not survive will not be put out of business because of a lack of business or violations of procedures or rules that Commissioner Stevens discusses. We will be gone because Congress and HUD have disproportionately and irrationally raised the bar on some originating firms and originators but not on others.

For many years it was said that as U.S. Steel goes, so goes the nation. We still have a steel industry, just not much of it. While international competition created that change, government action is changing the place of the broker in our industry.

We all wish the Commissioner the best. We also hope he will produce the actions that match his words and will foster the reversal of the current trend.