Reg. Z - LO Compensation & Steering Rules begin 4-1-2011

MLO's that haven't read this, be prepared, the time is coming soon. FDIC employees are not exempt.

Rules: http://www.federalreserve.gov/bankinforeg/regzcg.htm

Happy funding, Rudi
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January 27 2011 - Tustin
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Thats what my brain looks like after reading all the new reg z stuff. See how I brought that back full circle right there.
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January 27 2011
@ Dan,

Insurance costs may increase, along with all the costs that brokers and lenders must endure. That's why last May I decided not to be a sole-proprietor anymore. I also dropped my Incorporation. I'm no longer "inc'ed," I'm now a W-2 employee, with no other concerns than just taking good care of my Realtors and Borrowers.

Happy funding, Rudi 
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January 28 2011
Go Gators!
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January 27 2011
The Reason for Lime Flavored

Speaking of Jell-O,  we are having lime again tonight.   

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January 27 2011
Crazy like a fox!
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January 27 2011
Well...that's part of your charm!
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January 27 2011
Not to worry Clay, we know you like to talk to yourself!  haha

(I saw the whole thing, too)
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January 27 2011
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LOL You're not crazy Clay. I saw the whole thing and besides if you were crazy someone here would be the first one to take away your shoelaces and give you some Jell-O.
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January 27 2011
What's new about that Clay? #:>)

(someone was going to say that - it might as well be me)

Happy funding, Rudi
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January 27 2011
Zillow, could you delete my last 2 posts here ( 3 including this one)? When you scrubbed the troll's acct and posts it left my posts which make no sense anymore and that may simply serve to validate the belief that I AM crazy....
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January 27 2011
Thanks, that explains everything
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January 27 2011
What link?
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January 27 2011
The new additional TILA disclosure effective 1/30 is interesting. The H-4F section for Arms asks for Intro Rate/Payment, Max Rate/Payment in 1st 5 Years, then Max Ever Rate/Payment. Unless the index field is left blank, any Arm ( except for FHA or loans with a floor rate same as start rate, or loans with MI ) will give an APR lower than the note rate and the TIL payment schedule will show rates/payments lower after the initial fixed period. The new disclosure will contradict the TIL with a different rate/payment schedule. If one is to use the new disclosure, doesn't that make the APR on the TIL invalid?
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January 27 2011

Check out the link below. Great video about the Reg-z comp topic!

http://www.thinkbigworksmall.com/mypage/archive/1/57533/

Forward it on!!

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January 27 2011
Jeff,
You won't be able to get points from applicant and YSP from employer/broker. One or the other but not both.
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January 27 2011
The only thing they seem to have gotten rate is the day it goes into effect..........I still would like to hear it along with the many other rules that are coming explained and defined in layman' s terms...
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January 27 2011
I'm interested to see how this is going to play out.  Wells just sent us a bulletin last week about their changes.

How will thing change in your opinion? I can foresee more points paid up front for the sake of compensation.
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January 27 2011
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Prohibits a loan originator from "steering" a consumer to a lender offering less favorable terms in order to increase the loan originator's compensation.

That sounds like a lot of potential lawsuits coming in the future. It will not matter if they are justified or not. People can sue a ham sandwich although winning is a different story.

Rudi would you agree that this is likely to increase your insurance costs?

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January 27 2011
 
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