PUBLIC SUBMISSION | As of: November 21, 2009 Tracking No. 80405d97 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-2008-0028-0021
Comment Submitted by Mark Vogel
There are some good points in the RESPA reform area but I'm still unclear as to
why we keep TARGETING Mortgage Brokers. I'm sick and tired of the continued
attacks on the Broker community. We provice a service that cannot be obtained
elsewhere. We provide a place to go where we can shop various lending sources
and offer a wide variety of lending programs and interest rates.
You keep targeting the yield spread premium. Do you not understand that if you
go to buy a car, the car dealer also receives a yield spread premium for delivering
that car loan to their list of lenders? What do banks and mortgage bankers not
have to disclose their yield spread premium? Are you too stupid to realize that
they are being compensated the same way?
Why are you trying to close down the mortgage broker? Are you trying to create a
monopoly for the banking industry? Do you realize that you will be forcing people
to only have the opportunity to obtain a mortgage loan from a small list of banks -
who can act like the oil companies and they can set the interest rate wiohout
competition and pad thei pockets just like the oil companies.
As a Mortgage Broker, since I have to disclose my total income on every loan to
the borrower, then everyone should - including the oil companies, food industry,
car dealers and banks. Put everyone on the same playing field and create FAIR
COMPETITION. I want to know how much profit the car dealer gets when he sells
me a car and what they get paid for delivering the car loan. Do you really think
that is costs $25,000 for a car and that they are not making any money at all?????
Your simplified Good Faith is not simplified and is more confusing. Make a
standard Good Faith Estimate that looks just like the HUD 1 Settlement
Statement. Do not create any additional forms as more paperwork is not helping,
it just creates more confusion.
Apply your brains to helping level out the fair business. Do not create a monopoly
for the banking industry. You all need to get a grip on reality. You have no clue.