NOV 30, 2012
What We're Hearing

Can President Obama Fix the Mortgage Industry? We May Soon Know

NOV 30, 2012 12:33pm ET
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As I’ve mentioned in the past, mortgage bankers (the ones that read National Mortgage News at least) tend to vote Republican though there are exceptions to the rule. I base that on both interviews I’ve conducted and email correspondence. But there is also a growing anger in certain sectors of the mortgage business – particularly among smaller nonbank players – toward all politicians. And yes, certain factions of the industry aren’t crazy about the GOP either because they seem to favor big banks and think consolidation is a good idea. Anyway, Obama won the election and that means a slew of new mortgage regulations – QM, QRM, LO compensation and servicing standards – will get finalized and hashed out in the months ahead. And as mortgage professionals see the new rules --  and digest them -- they will ask three basic questions (at least): how much is this going to cost me? Can I stay in business? And how can I compete against the guy across the street?

 

Comments (4)
Great Freudian slip Paul, "can I say in business"? Its hard to be able to give your opinion online anymore without repercussion and my social network footprint is constantly monitored by someone at my work, almost to the point I can't "say" anything about my product for fear of CFPB audit. Thanks for the prompting and don't you dare fix your post.
Posted by Big Kahuna | Friday, November 30 2012 at 1:07PM ET
No, Obama can't fix the mortgage business. The only thing that would have saved the industry--pre-purchase consumer education--was passed over in favor of the nanny state where new forms are shoved in front of the consumer that don't inform any better than the old forms.
Posted by Catherine Coy | Friday, November 30 2012 at 1:42PM ET
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