Comments on: Join me for a Housing Market Conversation with Lawrence Yun http://raincityguide.com/2008/07/16/join-me-for-a-housing-market-conversation-with-lawrence-yun/ Seattle's Leading Resource for Real Estate Information Fri, 19 Mar 2010 04:53:22 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: 4realz Roundtable: Effect of FDIC/Treasury Actions on Home Buyers and Real Estate Industry | 4realz.net http://raincityguide.com/2008/07/16/join-me-for-a-housing-market-conversation-with-lawrence-yun/#comment-328091 4realz Roundtable: Effect of FDIC/Treasury Actions on Home Buyers and Real Estate Industry | 4realz.net Fri, 07 Nov 2008 09:16:25 +0000 http://raincityguide.com/?p=2028#comment-328091 [...] are great conversations going on about this topic on both Rain City Guide and ActiveRain. Also thanks to Jim Duncan, Ardell DellaLoggia, Jonathan Miller, Rhonda Porter and [...] [...] are great conversations going on about this topic on both Rain City Guide and ActiveRain. Also thanks to Jim Duncan, Ardell DellaLoggia, Jonathan Miller, Rhonda Porter and [...]

]]> By: Rhonda Porter http://raincityguide.com/2008/07/16/join-me-for-a-housing-market-conversation-with-lawrence-yun/#comment-322072 Rhonda Porter Sun, 20 Jul 2008 05:06:43 +0000 http://raincityguide.com/?p=2028#comment-322072 Roger, I think there are going to be fewer and fewer LO's regardless of our legislation. Roger, I think there are going to be fewer and fewer LO’s regardless of our legislation.

]]> By: Roger Ingalls http://raincityguide.com/2008/07/16/join-me-for-a-housing-market-conversation-with-lawrence-yun/#comment-322071 Roger Ingalls Sun, 20 Jul 2008 05:03:18 +0000 http://raincityguide.com/?p=2028#comment-322071 I also would prefer to be licensed under MBPA. Possibly for different reasons. I am curious what the body count will be when it all gets settled. I also would prefer to be licensed under MBPA. Possibly for different reasons.

I am curious what the body count will be when it all gets settled.

]]> By: Rhonda Porter http://raincityguide.com/2008/07/16/join-me-for-a-housing-market-conversation-with-lawrence-yun/#comment-322070 Rhonda Porter Sun, 20 Jul 2008 04:54:38 +0000 http://raincityguide.com/?p=2028#comment-322070 Roger, per DFI our choice is CLA or both, not MBPA alone because we you are correct, we chose to be a correspondent lender (we are not a table funder) and not a broker. We have more control over transactions--since we have our own underwriters at our office, DFI and the State of WA has decided that makes us CLA. If I had my personal choice, I would be MBPA instead of CLA. I really think our legistlatures screwed this one up royally. I'm staying where I'm at too. It's a great company, we've been around for 30 years...and it would make the holidays unbearable if I left the family shop! ;) Roger, per DFI our choice is CLA or both, not MBPA alone because we you are correct, we chose to be a correspondent lender (we are not a table funder) and not a broker. We have more control over transactions–since we have our own underwriters at our office, DFI and the State of WA has decided that makes us CLA.

If I had my personal choice, I would be MBPA instead of CLA. I really think our legistlatures screwed this one up royally.

I’m staying where I’m at too. It’s a great company, we’ve been around for 30 years…and it would make the holidays unbearable if I left the family shop! ;)

]]> By: Roger Ingalls http://raincityguide.com/2008/07/16/join-me-for-a-housing-market-conversation-with-lawrence-yun/#comment-322069 Roger Ingalls Sun, 20 Jul 2008 04:47:06 +0000 http://raincityguide.com/?p=2028#comment-322069 Rhonda: My use of the word incentives may be misunderstood in this context. We all get to make choices, and incentives drive that choice. Mortgage Masters has a choice to be regulated under CLA or MBPA, or both. It just depends on how you want to do business, under the current regulatory structure. They are not forced to be under the CLA, only if they wish to continue their current business model. MM could choose not to fund loans, and strictly broker them, and be under the MBPA. they could still be a correspondent lender, and table fund, and be regulated under MBPA. The broker I work under is choosing to be regulated under CLA, because they think it in THEIR best interests. I am choosing to stay where I am, while I see how the dust settles. The changes in the law FORCES us to make choices. Not saying I like it any better than you do. Rhonda:

My use of the word incentives may be misunderstood in this context. We all get to make choices, and incentives drive that choice.

Mortgage Masters has a choice to be regulated under CLA or MBPA, or both. It just depends on how you want to do business, under the current regulatory structure. They are not forced to be under the CLA, only if they wish to continue their current business model.

MM could choose not to fund loans, and strictly broker them, and be under the MBPA. they could still be a correspondent lender, and table fund, and be regulated under MBPA.

The broker I work under is choosing to be regulated under CLA, because they think it in THEIR best interests.

I am choosing to stay where I am, while I see how the dust settles.

The changes in the law FORCES us to make choices.

Not saying I like it any better than you do.

]]> By: Rhonda Porter http://raincityguide.com/2008/07/16/join-me-for-a-housing-market-conversation-with-lawrence-yun/#comment-322045 Rhonda Porter Sun, 20 Jul 2008 03:19:37 +0000 http://raincityguide.com/?p=2028#comment-322045 Roger, "Incentives to be licensed under CLA instead of MBPA?" What incentives? We (Mortgage Master) didn't have a choice...just because we've been around long enough able to be a true correspondent lender, we are FORCED to be under CLA. It's not a choice. I'm real ticked about it because I fully embraced MBPA. If we had a choice, we would opt for MBPA instead of CLA. (Note: I probably shouldn't speak for Mortgage Master...I'm not on the Board. It is my family's (in laws) company...but I'm pretty sure they feel the same way). Roger, “Incentives to be licensed under CLA instead of MBPA?” What incentives? We (Mortgage Master) didn’t have a choice…just because we’ve been around long enough able to be a true correspondent lender, we are FORCED to be under CLA. It’s not a choice. I’m real ticked about it because I fully embraced MBPA.

If we had a choice, we would opt for MBPA instead of CLA. (Note: I probably shouldn’t speak for Mortgage Master…I’m not on the Board. It is my family’s (in laws) company…but I’m pretty sure they feel the same way).

]]> By: Roger Ingalls http://raincityguide.com/2008/07/16/join-me-for-a-housing-market-conversation-with-lawrence-yun/#comment-322034 Roger Ingalls Sat, 19 Jul 2008 17:18:38 +0000 http://raincityguide.com/?p=2028#comment-322034 Rhonda: And some of us actively endorsed fiduciary duties for originators in WA state, until boneheaded legislation exempted the majority of mortgage broker industry from fiduciary duties, by providing incentives to be licensed under the CLA instead of the MBPA. Go figger. But the implication of this entire discussion, (admittedly off topic), is what is legally expected, professionally expected, and personally expected, in doing our jobs, for our clients. I'm of the general opinion that anyone intelligent enough to consistently write and converse in the pages of RCG is already performing at the highest level of their respective professions, and in the best interest of their clients. I would be very surprised to learn otherwise. Rhonda:

And some of us actively endorsed fiduciary duties for originators in WA state, until boneheaded legislation exempted the majority of mortgage broker industry from fiduciary duties, by providing incentives to be licensed under the CLA instead of the MBPA.

Go figger.

But the implication of this entire discussion, (admittedly off topic), is what is legally expected, professionally expected, and personally expected, in doing our jobs, for our clients.

I’m of the general opinion that anyone intelligent enough to consistently write and converse in the pages of RCG is already performing at the highest level of their respective professions, and in the best interest of their clients.

I would be very surprised to learn otherwise.

]]> By: ARDELL http://raincityguide.com/2008/07/16/join-me-for-a-housing-market-conversation-with-lawrence-yun/#comment-322021 ARDELL Sat, 19 Jul 2008 06:47:24 +0000 http://raincityguide.com/?p=2028#comment-322021 Leanne, Clearly you learned how to qualify buyers. In fact I just had to learn it again as part of my continuing education courses for license renewal. Why do you think we have to learn that? Leanne,

Clearly you learned how to qualify buyers. In fact I just had to learn it again as part of my continuing education courses for license renewal. Why do you think we have to learn that?

]]> By: Rhonda Porter http://raincityguide.com/2008/07/16/join-me-for-a-housing-market-conversation-with-lawrence-yun/#comment-322004 Rhonda Porter Sat, 19 Jul 2008 04:10:57 +0000 http://raincityguide.com/?p=2028#comment-322004 Thanks, Roger. It's going to be interesting to see how fiduciary duties will play out for loan originators in WA State. Some of us all ready act as though we have them, putting our clients best interest first, well before the state legislation was passed. Thanks, Roger. It’s going to be interesting to see how fiduciary duties will play out for loan originators in WA State. Some of us all ready act as though we have them, putting our clients best interest first, well before the state legislation was passed.

]]> By: leanne finlay http://raincityguide.com/2008/07/16/join-me-for-a-housing-market-conversation-with-lawrence-yun/#comment-322003 leanne finlay Sat, 19 Jul 2008 03:57:34 +0000 http://raincityguide.com/?p=2028#comment-322003 # 71, ditto Roger! Happy weekend! # 71, ditto Roger! Happy weekend!

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