I am attempting to provide some other alternatives that involve financing.
One of our greatest unsolved problems relates to foreclosure. I might not be on direct topic but I thought that appealing to people in this industry it may be useful suggestion to improve on this ourselves.
I am mostly involved with sales as a buyer's agent though I have a mortgage license that I only use to further educate myself in providing a more professional service to my clients.
With so many changes regarding finance I thought of suggesting mine.
The biggest problem with the SAFE Act is that loan originators who work for federally chartered banks and credit unions do not have to take the SAFE course, pass the test, and be issued an NMLS #. I am not sure who thought that these loan originators were any more honest than those who work for other types of lending institutions. The other part of the problem is that the smaller mom and pop type shops will continue to do things that are not in compliance, and will have 1 licensed originator and just put everything in that person's name. it doesn't pay for the state banking departments to audit smaller companies.
Institution would be spared dealing with abandoned properties and the expense of maintaining them.Â
Property owners would have a real chance to maintain their dignities and keep their properties at the same time. With most mortgages amortized for 30 years costing the borrower more than double of original purchase price if held till paid off.Â
Banks have really little to loose but to gain from the respect of those that are given hope to hold on to their property. The savings in interest payments over a three year period does not require institution to forgive loans, roll prices back. It does provide a faire adjustment and substantial savings to all parties if action was quickly administered like immediately.Â - Tue Jun 1 2010, 06:09
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By Ron & Debbie Albert,Â Mon Jul 5 2010, 05:33
I think you have a wonderful idea! Is there a way to get it to the gov't?
How about sending it to your representatives in Washington?
It's sad that Congress didn't create a law that would apply the same rules for all residential mortgage originators--the SAFE Act is a perfect example of lobby dollars at work.
Consumers need to decide what level of mortgage originator they want to work with on their largest debt that's secured to one of their largest assets.
I've written more about the differences between licensed and registered mortgage originators on the post below.
In Washington State, all mortgage originators are required to be NMLS licensed by July 1, 2010 or they cannot take loan applications--UNLESS they're exempt and held to lower standards (registered).