I spend a lot of time attempting to maintain a solid, working knowledge of the events, milestones and issues facing the mortgage world. However, yesterday, I was humbled when a client asked me about the new legislation being proposed. His specific question was about the difference between the House Resolution 3915 and the new Senate version S. 2452. At that moment, I realized that although I have read about and spoken about both of these bills, other than big-hand, little map analysis, a la’ primetime news… I really just had rumor, innuendo and “sound bytes” to offer.
The real question is: how will the most substantive legislative reform EVER proposed impact our industry? Which one offers what, and how does that impact our ability to execute our work as mortgage originators?
Unfortunately, upon going back to do a little research, I came away with many more questions than answers… As such, I would like to explore some of these topics… lay out a little bit of fact, dig into the meaning behind cleverly worded language.
Some of the most interesting topics of our day are addressed in the legislation, and I would like to address them here: is YSP finished? Are mortgage brokers going to survive? What regulatory agencies will be affected, empowered or denuded? What cottage industries will arise to support the new legislation? What industries will be shut down in the wake of the legislation?
More to come over the next several weeks!
