PUBLIC SUBMISSION | As of: November 21, 2009 Tracking No. 804013ba Comments Due: May 13, 2008 |
Docket: HUD-2008-0028
FR-5180-P-01
Real Estate Settlement Procedures Act (RESPA): Proposed Rule To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs
Comment On: HUD-2008-0028-0001
FR-5180-P-01: Real Estate Settlement Procedures Act (RESPA): Proposed Rule To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs
Document: HUD-2008-0028-0018
Comment Submitted by Kelly Weseman, Calder Home Loans, Inc.
RE: New RESPA Good Faith Estimate Proposal
To Whom It May Concern:
My name is Kelly Weseman and I am a Mortgage Broker that works for Calder
Home Loans, Inc. We do business in both Oregon & Washington. I have been in
the business for about 5 years now and in late 2006 my wife started our own
mortgage brokerage company called Calder Home Loans that we now run &
operate.
This new ?Good Faith Estimate? proposal that RESPA is trying to pass, requires
Mortgage Brokers to have 3 other competitors give quotes on their clients loan is
absolutely discriminative to mortgage brokers and completely unjustified! In no
way, shape, or form should we have to ?by law? be quoted along side with other
competitors on our services. One reason is that unless we are the 4th broker to
make a quote on the deal we will not be chosen because it will all come down to
who ever is the most desperate for getting the deal and under cutting the other
competitors quotes. The person with the cheapest quote wins and all regards to
quality, customer service and financial guidance for the clients & their future will
suffer.
Like most of the good mortgage brokers left out there, we rely heavily on happy &
satisfied repeat clients that trust and appreciate our services. This is the way that
we have weathered this market and stayed in business thus far. I can not believe
the blame and restrictions that are being proposed and placed on mortgage
brokers right now. It?s as if all of the major banks in America have managed to
avoid taking the blame in any way for the poor housing market we are in today.
The banks are the ones that make all the loan programs and offer them to brokers
to sell to the public. If they offered these poor loan programs that are getting both
them and the clients into financial trouble, then the brokers should not be the
ones taking all the blame and punishment for selling the loan programs that the
banks are offering. If they didn't think the loan programs were a good and
profitable idea, then they wouldn't have offered them to brokers to sell to the
public. Like any honest business, brokers would not be intentionally selling a
service to a client if we were not trying to help them achieve what they want and
put them in a better financial situation for the future. Brokers want clients to refer
them to more clients. Mortgage Brokers could not predict the poor housing
market that we are sliding into any better than the big corporate banks could. The
difference is the banks had and still have all the control and the brokers have
none.
If Mortgage Brokers have to do this, then why don't all parties involved have to do
the same? The Lender, the Realtor, the Appraiser, the Credit Agency, the Title &
Escrow company, the Homeowners Insurance Agency and so on should all have
to be quoted along side their competitors as well. I don?t wish this upon any of
these parties but if this new proposal goes through, then all parties should be
subject to the same conditions because they are all involved and all getting paid
for the services that they provide. Singling out Mortgage Brokers as the
scapegoat is just plain discrimination. This will only hurt the housing industry
more and put us all in an even worse market situation than we are in.
Clients choose to pay for our services just like you would pay for a doctor or
lawyer. You wouldn't want to pick a doctor to perform a major surgery that you
needed in order to save your life based on how cheap the doctor will work for, nor
should you with major financial decisions that could affect your long term future.
I hope this proposal gets thrown out immediately! I feel I have made my point and
think anyone that reads this could relate to what this would do to all the small
business owners out there trying to make an honest living for providing much
needed knowledge and services. This would eventually put all Mortgage Brokers
out of business and give the big Corporate Banks that much more control over our
society to do whatever they want and make the general public their puppets. I
don't think that they did a very good job with the power and control they already
had over our housing market and realized that they should try to put the blame on
the smaller guys that can?t fight back while they scramble around to try and fix
their mistakes. So for anyone that agrees with me in any way, please let the
proper sources know! Your opinion counts and your voice should be heard!
We work for the people!
Sincerely,
Kelly Weseman
Calder Home Loans, Inc.
5701 SE 86th Ave,
Portland, OR. 97266
503-775-2475