If you read last month’s news letter, you might notice that the “Advice from the Mortgage Masters” article is very similar this month. This was done intentionally because the message still rings true with this months mortgage update. HVCC and HERA are both examples of good intentions gone bad.
One of the biggest problems facing our country right now is the flood of new laws being put into place. Because of the state of the economy and incorrect opinions about what got us to this place, many politicians are creating laws based more on what they think will get them more votes instead of looking taking the time to really understand the problem so they can properly fix it.
Here is the inherent problem with trying to solve the problems in our country with more rules. Every time you create a new law, you create more loopholes for people to get around the laws. All the laws really do is increase the cost of doing business for those professionals who continue to operate in a legal and ethical way already. Someone who is currently breaking the law, will just end up breaking the new laws.
What we really need in this country is more common sense. Instead of creating new laws, why don’t we just give more power to those who have authority to enforce the laws we already have. Before the HERA was put into place, brokers and lenders were required to give a good estimate about fees and costs associated with a new mortgage. The real problem was that if a consumer felt that they had been lied to or tricked, they didn’t have an effective way to voice their complaint.
So be patient. If you are interested in refinancing your home, understand that your mortgage professional would like to get you closed as soon as possible, but things are just taking longer than they used to.
As always, if you would like to see what it feels like to work with a mortgage broker that can bring a little sanity to an insane world, give The Kunselman Team a call.
