MIRA or H.R. 1728...for most of you out there this is unknown. I could write about this for a week but I won't. What few that do follow this blog would stop. Let me give you a brief rundown.
MBA's Summary is 23 pages long so I will do my best to be brief. In a nut shell here are some key components. MIRA is "Mortgage Improvement and Regulation Act of 2009" and is MBA's attempt to be in front of rather than reacting to Mortgage Reform. Personally, I think the MBA is doing exactly what they should be doing, taking the lead on this issue. I am going to breakdown the purpose into 6 components, 1) Establish a new federal regulator responsible for mortgage lending standards, 2) Require the new regulator to implement tough national mortgage lending standards including substantive requirement for Originators, Servicing, making the market more transparent, 3) Assign Federal and State regulators with concurrent responsibility for reviewing, examine, enforcing national standards while developing new more effective enforcement, 4) Giving the new regulator responsibility for regulating, establishing uniform licensing standards, and increasing net worth requirements for independent Mortgage Lenders and Brokers, 5) Disclosure, counseling, and financial literacy would be the responsibility of the new regulator, 6) Preempting State and Local laws where necessary.
H.R. 1728 has a different take on Mortgage regulation. The bill, H.R. 1728 or the Mortgage Reform and Anti-Predatory Lending Act of 2009, is an attempt to curb predatory lending. The proposed legislation would require all mortgage originators to be subject to a federal duty of care, licensing and registration, as required under state or federal law, requires originators to present consumers with loans that a consumer has a reasonable ability to repay, the consumer must receive a "net" (to be defined later) tangible benefit (for refinancing), do not have predatory characteristics, full disclosure to consumers, certifying lenders' compliance with mortgage origination requirements including an originators unique identifier in the mortgage documents. Sound familiar North Carolina, much of this bill is modeled after North Carolina's predatory lending law and since Rep. Mel Watt (D-NC) and Rep. Brad Miller (D-NC) are co authors no wonder. Yield Spread Ban and other compensation that would encourage mortgage originators to steer applicants from higher cost loans, total direct and indirect compensation given to originators from all permitted sources would not be allowed to vary with the terms of the loan. This bill would provide limited safe harbor that would provide that a prime fully documented 30 yr fixed loan with no negative amortization or interest only features would be presumed to meet the ability to repay and have tangible benefits. No Preemption of local and state laws. There are more provisions to this bill but this is just a summary.
In the end it is more regulation and I am not saying that is bad. I would like to remind everyone of this point, with more regulation comes more work. With more work comes longer closing times. While we may all agree our Mortgage and Financial Services need to be rebuilt carefully look at both proposals. You can read MBA's at www.mortgagebankers.org and H.R. 1728 at http://thomas.loc.gov/cgi-bin/query/D?c111:1:./temp/~c111jeWmvN:: ....I will warn you now H.R. 1728 is 151 pages...read carefully.
HAVE A GREAT DAY!!!!
Kevin M. Breeland
General Manager
Residential Mortgage of South Carolina, LLC
427 Johnnie Dodds Rd.
Mount Pleasant, SC 29464
www.residentialscdailyrates.com
Competitive by nature...the Best by choice!
Well, I'm back and no I did not get left on the side of the road. How, well I guess I was better behaved this time......so about the trip.
Well, the trip consisted of 1875 miles, leaving Mount Pleasant, SC of Saturday April 4th at 5:30pm...yea kind of a late start. First night was in North Carolina, then on Sunday we made it to Washington, DC. From Sunday night to Wednesday Afternoon we were in DC.
We left DC on Wednesday afternoon headed west through Maryland and into West Virginia. Spent the night in Charleston, WV and then started Thursday morning to Indiana.
From Thursday to Saturday we spent the time at the French Lick Resort and Casino. Although the Casino was as nice and Vegas like I have ever seen outside of Vegas I am happy to say my wife and I only left a little over $100 there. If you haven't been too or haven't been in a while to the French Lick Resort and Casino, make a plan to go. You will enjoy it.
Played a little golf at the Donald Ross Course in French Lick, Indiana but did not see Larry Bird anywhere. Its a small town with two huge turn of the century hotels that have kept their old world charm....who would have known.
So, we are glad to be home, great trip. Traveled through North Carolina, Virginia, District of Columbia, Maryland, West Virginia, Kentucky, Indiana, Tennessee, and of course South Carolina. Eight states and the District of Columbia....we had a great time and it was nice to spend Family Time. We don't do it as often as we would like, but we are going to try harder to do it more often.
HAVE A GREAT DAY!!!!!!
Kevin M. Breeland
General Manager
Residential Mortgage of South Carolina, LLC
427 Johnnie Dodds Rd.
Mount Pleasant, SC 29464
www.residentialscdailyrates.com
Competitive by nature...the Best by choice!
This week I am in Washington, DC for the Real Estate Services Providers Council, Inc (RESPRO) Annual Conference. For those of you who are unaware of this trade group here is their link, www.respro.org.
This week the message from all the speakers have been cut your expenses, look at your agent productivity, what is your cost per unit sold, and are your agents using your affiliates? This message has been spoken over and over. All of us in this industry are have our bottom lines squeezed harder and harder and with that comes the need to develop a better on going relationships with your affiliated business partners. Yes, there are some out there who say that my affiliated mortgage partner never works for my business, they do a poor job, they never try and develop a relationship, and I understand that. My question is do you attempt to try?
Order takers will be a thing of the past in very near future. You will see that your affiliated partners will start improving the staff of qualified professionals and this should enable you to develop the kind of relationship you are looking for. Give it chance, it can be beneficial for you and for the Real Estate Company you are associated with. Together, all of us can survive the tough times and come out of this stronger than ever. The customer will receive hugh benefits from all of us working together...so give it a try. You will be surprised how much better the entire process will work.
HAVE A GREAT DAY!!!!
Kevin M. Breeland
General Manager
Residential Mortgage of South Carolina, LLC
427 Johnnie Dodds Rd.
Mount Pleasant, SC 29464
www.residentialscdailyrates.com
Competitive by nature...the Best by choice!
I took this picture Monday morning just before it started to rain. I am in Washington, DC through today and I hope you enjoy this picture.
Today I writing this from Washington, DC, or officially the District of Columbia. The District of Columbia, known as DC, was founded as the capital of the United States July 16, 1790. At that time there was The City of Washington and a municipality until Congress in 1871 effectively merged the two together forming the District of Columbia. The District, another term it is known by, has a representative At-Large and no Senator. The Unites States Congress has supreme authority over the District, citizens of the District have less self-governance than residents of the states and the Twenty-Third Amendment was ratified in 1961 giving its citizens the right to vote in Presidential Elections. The license plate of the District, Taxation without Representation.
I enjoy coming to DC because it is like no other city in United States. If you like political talk radio, then DC is the town for you. What New York City is to sports talk radio, that is DC when it comes to Political Talk Radio. If you are not a political junkie, you won't like DC.
This morning my wife and I went to the Tidal Basin to look at the Cherry Blossoms. They are so beautiful. There was traffic everywhere, people everywhere, and then it started to rain and of course we had to walk quite a distance to get a cab.
When we arrive back at the hotel across the street is a Starbucks. I have not been to a Starbucks in a year to save money but this is the family vacation so over we go. The line is almost out the door and this is at 10:00am in the morning. That got me to thinking...hummmm....
The District does not have a recession. There is Government everywhere, from every part of the world, right here. Our government isn't experiencing a recession....if fact they probably would not know what it looks like. The District doesn't have them, why....it is the Government's town and they spend money no matter what. In fact, I would offer this opinion to the actions taken so far...they, the government, are really just reacting to emails and the Media....they are really unaware of the "real truth" for all of us. HAVE A GREAT DAY!!!!
Kevin M. Breeland
General Manager
Residential Mortgage of South Carolina, LLC
427 Johnnie Dodds Rd.
Mount Pleasant, SC 29464
www.residentialscdailyrates.com
Competitive by nature...the Best by choice!
On the road
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