tag:blogger.com,1999:blog-2951729905080621137.post932626958837427551..comments2024-01-28T03:46:02.683-05:00Comments on Mortgage News Digest: Small Commissions, High Costs, No Interest - At the Heart of the First-Time Buyer ProblemThomas Morgan 202-550-LOANhttp://www.blogger.com/profile/03341328785507458855noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-2951729905080621137.post-75468038510020606502014-11-18T16:53:22.136-05:002014-11-18T16:53:22.136-05:00LOs Need to Meet the Needs of All Millennials
by B...LOs Need to Meet the Needs of All Millennials<br />by BRAD FINKELSTEIN<br /> <br />In loan officers' efforts to show they can meet the needs of one set of millennials, they shouldn't forget about the other buyers that can be helped.<br /><br />Brad - Unfortunately, it's not the millenials, as everyone keeps saying. It's the fact that no one wants to spend the amount of time it takes to walk a first timer through the process for the paltry reward. Thomas Morgan 202-550-LOANhttps://www.blogger.com/profile/03341328785507458855noreply@blogger.comtag:blogger.com,1999:blog-2951729905080621137.post-77149371019317585022014-11-10T14:58:29.927-05:002014-11-10T14:58:29.927-05:00If it were any more apparent, here is an article f...If it were any more apparent, here is an article from one of the top sales gurus in the industry saying "focus on the big loans!" to make more money.<br />http://www.nationalmortgagenews.com/news/commentary/doing-less-work-getting-paid-more-1043097-1.html?utm_campaign=daily%20briefing-nov%2010%202014&utm_medium=email&utm_source=newsletter&ET=nationalmortgage%3Ae3320003%3A31104a%3A&st=emailThomas Morgan 202-550-LOANhttps://www.blogger.com/profile/03341328785507458855noreply@blogger.comtag:blogger.com,1999:blog-2951729905080621137.post-27884341067051050812014-11-10T13:48:30.099-05:002014-11-10T13:48:30.099-05:00All this stuff is pretty obvious to anyone with a ...All this stuff is pretty obvious to anyone with a rudimentary level of economics. Unfortunately, we have a political party that doesn't understand business and how markets work. Regulation almost always increases prices, stifles productivity, and hurts the very people it is supposed to be helping.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2951729905080621137.post-84321856297961351222014-11-07T12:07:40.484-05:002014-11-07T12:07:40.484-05:00Mr. Mel Watt, Director of the FHFA spoke at the NA...Mr. Mel Watt, Director of the FHFA spoke at the NAR Convention, parrots the same tired explanation for why entry level buyers people aren't buying. Student loan debt, preferring to rent, saving for down-payment, and constricted underwriting all make their appearance as the standard explanations. But none of these are more true today than in the 80's, 90's or pre-meltdown 00's. So what's the explanation? Price controls instituted by the over-reach of the CFPB in drafting the rules required by Dodd-Frank. <br /><br />Dodd-Frank NEVER said "limit compensation" or "limit fees charged", but the CFPB undertook the idea of compensation: "how much is a fair price for a service" out of the hands of the market. Now they are reaping the effects of that policy. <br /><br />http://www.fhfa.gov//Media/PublicAffairs/Pages/Prepared-Remarks-of-Melvin-L-Watt-2014-NAR-Conference.aspxAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2951729905080621137.post-45485666778079332112014-11-07T11:55:30.504-05:002014-11-07T11:55:30.504-05:00I have had so much response to this topic. Everyo...I have had so much response to this topic. Everyone agrees this is a problem. One LO wrote<br />"This is a tough problem. It is a struggle to justify the huge amount of work involved when the reward is so low. The problem is nobody makes any money on the "small" loans but they take as much if not more work to get to closing. You want to help everyone you can and of course you can't discriminate due to amount."<br />Thomas Morgan 202-550-LOANhttps://www.blogger.com/profile/03341328785507458855noreply@blogger.com