Comments on: Mortgage Reform, U.S. House Bill 3915, & YSP http://www.lendingclarity.com/2007/11/06/mortgage-reform-us-house-bill-3915-ysp/ Home loans made easy Fri, 21 Nov 2008 17:52:22 +0000 http://wordpress.org/?v=2.3 By: Jim http://www.lendingclarity.com/2007/11/06/mortgage-reform-us-house-bill-3915-ysp/#comment-13289 Jim Sun, 11 Nov 2007 17:38:25 +0000 http://www.lendingclarity.com/2007/11/06/mortgage-reform-us-house-bill-3915-ysp/#comment-13289 I heard the Bill passed through the Finance Committee and goes off now for full approval. Did it go through as written? I heard the Bill passed through the Finance Committee and goes off now for full approval. Did it go through as written?

]]> By: Marc Brinitzer http://www.lendingclarity.com/2007/11/06/mortgage-reform-us-house-bill-3915-ysp/#comment-13268 Marc Brinitzer Fri, 09 Nov 2007 15:06:32 +0000 http://www.lendingclarity.com/2007/11/06/mortgage-reform-us-house-bill-3915-ysp/#comment-13268 Well, it appears that with some modification, the bill was approved by committee and goes off the to House for a full vote. The YSP issue was modified so as not to disallow YSP entirely. That's a good thing. Chris, it looks like we'll keep that tool for now. Watch out for RESPA reform to follow closely on the heels of this bill. HUD is working right now on the draft. Jacob, as the loan process becomes more complicated, consumers will have more difficultly understanding things unless they are working with a true professional who is willing to point out the important stuff. I don't know what the answer is. Transparency is hard to achieve when simple truths are buried in mountains of disclosures. Well, it appears that with some modification, the bill was approved by committee and goes off the to House for a full vote. The YSP issue was modified so as not to disallow YSP entirely. That’s a good thing. Chris, it looks like we’ll keep that tool for now. Watch out for RESPA reform to follow closely on the heels of this bill. HUD is working right now on the draft.

Jacob, as the loan process becomes more complicated, consumers will have more difficultly understanding things unless they are working with a true professional who is willing to point out the important stuff. I don’t know what the answer is. Transparency is hard to achieve when simple truths are buried in mountains of disclosures.

]]> By: Deborah http://www.lendingclarity.com/2007/11/06/mortgage-reform-us-house-bill-3915-ysp/#comment-13260 Deborah Fri, 09 Nov 2007 00:30:03 +0000 http://www.lendingclarity.com/2007/11/06/mortgage-reform-us-house-bill-3915-ysp/#comment-13260 I don't understand why some lenders have to disclose there fees while others don't. How does that do anything but confuse consumers even more? I don’t understand why some lenders have to disclose there fees while others don’t. How does that do anything but confuse consumers even more?

]]> By: Jacob http://www.lendingclarity.com/2007/11/06/mortgage-reform-us-house-bill-3915-ysp/#comment-13258 Jacob Thu, 08 Nov 2007 18:26:05 +0000 http://www.lendingclarity.com/2007/11/06/mortgage-reform-us-house-bill-3915-ysp/#comment-13258 Marc, I think the inequality of making the banks exempt is wrong, but I think no money down 100% financing is a joke anyway..If you can't afford to put down a downpayment you should save your money until you can...I have never seen a HUD that completely disclosed in plain English to the buyer that they are getting charged a higher interest rate than they would normally have been paying..I will only buy a home at a PAR rate..I will pay an origination fee to the broker, but I don't think the average buyer is fully understanding what they are getting.. Marc,
I think the inequality of making the banks exempt is wrong, but I think no money down 100% financing is a joke anyway..If you can’t afford to put down a downpayment you should save your money until you can…I have never seen a HUD that completely disclosed in plain English to the buyer that they are getting charged a higher interest rate than they would normally have been paying..I will only buy a home at a PAR rate..I will pay an origination fee to the broker, but I don’t think the average buyer is fully understanding what they are getting..

]]> By: Christopher Moses http://www.lendingclarity.com/2007/11/06/mortgage-reform-us-house-bill-3915-ysp/#comment-13241 Christopher Moses Wed, 07 Nov 2007 17:47:25 +0000 http://www.lendingclarity.com/2007/11/06/mortgage-reform-us-house-bill-3915-ysp/#comment-13241 Marc, You hit this one dead on! I am currently working with a client that is a little low on funds and by showing her that we can increase the YSP by raising the payment $59.00 a month (Over the life of the loan)- I can actually credit her the difference and help her ease into her first home. This is just one of the ways we work in our clients Best Interest and help them achieve Home Ownership. It's a Good Life~ Chris Marc,

You hit this one dead on! I am currently working with a client that is a little low on funds and by showing her that we can increase the YSP by raising the payment $59.00 a month (Over the life of the loan)- I can actually credit her the difference and help her ease into her first home. This is just one of the ways we work in our clients Best Interest and help them achieve Home Ownership. It’s a Good Life~

Chris

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