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Did you know that the mortgage industry that you operate in is literally shifting beneath your feet? Your business plan (hopefully you have one) is literally built on sand.
There is an enormous amount of government action taking place–legislation that will directly impact your mortgage business and how you serve home buyers and homeowners.
Are you educated? Are you involved? Are you prepared?
Lenderama is going to help you a little and encourage your participation:
- Track new and pending legislation in the Government Action sidebar
- Survey the Lenderama community on breaking mortgage industry issues
- Provide you resources to engage in shaping the mortgage industry
Let’s start with the first survey: What is your opinion of H.R. 1728: Mortgage Reform and Anti-Predatory Lending Act? (hat tip: Trace Ricardson)
[polldaddy poll=1582099]
Do you think that this is unlikely to affect your mortgage business (good or bad)? Let me outline just the section headers in the bill:
- Residential Mortgage Loan Origination Standards
- Minimum Standards for Mortgages
- High-Cost Mortgages
- Office of Housing Counseling
- Mortgage Servicing
- Appraisal Activities
This single piece of legislation touches, and re-shapes most of the processes and activities in originating a mortgage. Take time to education yourself on H.R. 1728 and other important government actions that are in motion. Here are some great Web resources for tracking these actions:
Feel free to discuss all of the nuances of this legislation in the comments. Also, encourage all of your colleagues to come weigh-in their opinions.
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I think most businesses these days are built on sand. But it pays to learn and to know what new changes and new solutions are there on offer. I put a vote on “I know nothing about it” because the mortgage industry is several realms beyond me. I see “mortgage” on my monthly budget but that’s all. Thank you for lending your hand to people who are directly involved. I’m sure I will be one of the many who will benefit in the end.