I received a tweet this weekend from a well respected mortgage social media contributor. I was extremely disappointed (trying to be PC here) at the kind and quality of the commentary. The link redirected me to a, supposedly, mortgage guru based out of Atlanta. The video expressed that the Mortgage Brokers and small Corresponding lenders would not welcome the new latest news from HUD allowing the non-HUD approved businesses to have access to FHA programs without having to go through the audits and allowing the wholesale lender to manage the quality controls and necessary compliance requirements. I am quite baffled at the fact the ANYBODY in our industry would be opposed to this change. The argument was based solely on the fact that the “larger” wholesale lenders would make the market and force everybody else out of the business. Haven’t we all suffered enough and adapted to enough changes that the ones are still standing will make it through this minor fears?
My take on this issue is the constant bickering coming from the direct lenders siding with Barney Frank et. al. on this erroneous assumption that the brokers “destroyed” our economy. I would be happy to share some videos and examples on how the direct lenders run, in some cases, a much shadier and less regulated side of the business with less educational requirements. Who is anybody fooling? Most of the people that are jumping from broker to banker are doing it mainly because they do not want to disclose compensation of SRP/YSP. Isn’t that shady on its own? If you have done a good job and you know you have earned the rebate what are you afraid of?
I love the correspondent side but more than that I love the power to choose. We are still in a free country and it is a shame that with everything that is going on in our business, people are making remarks to create fear to run additional people out. As this person ripped the quality of NAMB and glorified the power of the ABA I was disgusted.
I am a huge fan of Gittomer’s work and specifically “The Little Yellow/Gold Book of Yes Attitude. Bringing doom and gloom to twitter as someone respected only hurts.
