Comments on: Are Washington Consumers Safer Working with DFI Regulated Lenders? http://raincityguide.com/2008/10/11/are-washington-consumers-safer-working-with-dfi-regulated-lenders/ Seattle's Leading Resource for Real Estate Information Sun, 08 Nov 2009 01:47:42 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Rhonda Porter http://raincityguide.com/2008/10/11/are-washington-consumers-safer-working-with-dfi-regulated-lenders/#comment-326674 Rhonda Porter Wed, 15 Oct 2008 05:43:10 +0000 http://raincityguide.com/?p=2704#comment-326674 It will be interesting to see DFI's stats of how many LO's are left to legally originate loans in WA effective 1/1/2009. It will be interesting to see DFI’s stats of how many LO’s are left to legally originate loans in WA effective 1/1/2009.

]]> By: Rhonda Porter http://raincityguide.com/2008/10/11/are-washington-consumers-safer-working-with-dfi-regulated-lenders/#comment-326624 Rhonda Porter Tue, 14 Oct 2008 00:57:23 +0000 http://raincityguide.com/?p=2704#comment-326624 Wouldn't that be nice, consumer lenders? That would also stop LOs from shifting from different types of institutions based on how they're regulated. A bank that was trying to recruit me a while back thought I would be very tempted since I wouldn't have to deal with all this licensing nonsense. Wouldn’t that be nice, consumer lenders? That would also stop LOs from shifting from different types of institutions based on how they’re regulated. A bank that was trying to recruit me a while back thought I would be very tempted since I wouldn’t have to deal with all this licensing nonsense.

]]> By: consumer lenders http://raincityguide.com/2008/10/11/are-washington-consumers-safer-working-with-dfi-regulated-lenders/#comment-326606 consumer lenders Mon, 13 Oct 2008 19:27:24 +0000 http://raincityguide.com/?p=2704#comment-326606 I agree with comment #9. The Mortgage originators should all play by the same rules. I agree with comment #9. The Mortgage originators should all play by the same rules.

]]> By: Rhonda Porter http://raincityguide.com/2008/10/11/are-washington-consumers-safer-working-with-dfi-regulated-lenders/#comment-326531 Rhonda Porter Sun, 12 Oct 2008 15:36:55 +0000 http://raincityguide.com/?p=2704#comment-326531 Jillayne, I was thinking about your comment #6. Unless we (mortgage originators) all play by the same rules, governed by the same authority, then we'll continue to have this issue. I do agree that we need to get away from the "layers of different regulators". Jillayne, I was thinking about your comment #6. Unless we (mortgage originators) all play by the same rules, governed by the same authority, then we’ll continue to have this issue.

I do agree that we need to get away from the “layers of different regulators”.

]]> By: Rhonda Porter http://raincityguide.com/2008/10/11/are-washington-consumers-safer-working-with-dfi-regulated-lenders/#comment-326501 Rhonda Porter Sun, 12 Oct 2008 03:37:22 +0000 http://raincityguide.com/?p=2704#comment-326501 Jillayne, I WISH! "maybe it will be one set of rules for all LOs." Jillayne, I WISH! “maybe it will be one set of rules for all LOs.”

]]> By: Kary L. Krismer http://raincityguide.com/2008/10/11/are-washington-consumers-safer-working-with-dfi-regulated-lenders/#comment-326496 Kary L. Krismer Sun, 12 Oct 2008 02:34:29 +0000 http://raincityguide.com/?p=2704#comment-326496 I remember that two 1031 exchange places went under in the US in recent years, I don't remember for certain about the regulated state part. That might have been something else. I remember that two 1031 exchange places went under in the US in recent years, I don’t remember for certain about the regulated state part. That might have been something else.

]]> By: Jillayne Schlicke http://raincityguide.com/2008/10/11/are-washington-consumers-safer-working-with-dfi-regulated-lenders/#comment-326494 Jillayne Schlicke Sun, 12 Oct 2008 02:14:21 +0000 http://raincityguide.com/?p=2704#comment-326494 I wonder.....I wonder if this is going to make much of a difference moving foward into a U.S. where our banking system has been nationalized. There's no use in letting regulators fight about it anymore and wasting taxpayer dollars with layers of different regulators. Instead, maybe it will be one set of rules for all LOs. I wonder…..I wonder if this is going to make much of a difference moving foward into a U.S. where our banking system has been nationalized.

There’s no use in letting regulators fight about it anymore and wasting taxpayer dollars with layers of different regulators. Instead, maybe it will be one set of rules for all LOs.

]]> By: Rhonda Porter http://raincityguide.com/2008/10/11/are-washington-consumers-safer-working-with-dfi-regulated-lenders/#comment-326470 Rhonda Porter Sat, 11 Oct 2008 19:54:51 +0000 http://raincityguide.com/?p=2704#comment-326470 Kary, how sure are you of your last comment "I might be mixing up stories...if I remember it right" ?? Kary, how sure are you of your last comment “I might be mixing up stories…if I remember it right” ??

]]> By: Kary L. Krismer http://raincityguide.com/2008/10/11/are-washington-consumers-safer-working-with-dfi-regulated-lenders/#comment-326469 Kary L. Krismer Sat, 11 Oct 2008 19:26:49 +0000 http://raincityguide.com/?p=2704#comment-326469 I might be mixing up stories from a seminar I went to yesterday, but if I remember it right there have been two big 1031 facilitators that defalcated money from their clients in recent years, and one of them was in one of the few (if not only) state where they are regulated! I might be mixing up stories from a seminar I went to yesterday, but if I remember it right there have been two big 1031 facilitators that defalcated money from their clients in recent years, and one of them was in one of the few (if not only) state where they are regulated!

]]> By: Rhonda Porter http://raincityguide.com/2008/10/11/are-washington-consumers-safer-working-with-dfi-regulated-lenders/#comment-326468 Rhonda Porter Sat, 11 Oct 2008 19:08:28 +0000 http://raincityguide.com/?p=2704#comment-326468 I also think that eventually there will be so few brokers...especially with banks pulling out of wholesale lending. This past week, I believe Citi pulled out of wholesale but is retaining some of their correspondent lenders. (We're still working with them). It's real scary. It's possible that consumers will wind up with just 2-3 banks to chose from, a handful of beat up correspondent lenders and credit unions. I also think that eventually there will be so few brokers…especially with banks pulling out of wholesale lending. This past week, I believe Citi pulled out of wholesale but is retaining some of their correspondent lenders. (We’re still working with them). It’s real scary. It’s possible that consumers will wind up with just 2-3 banks to chose from, a handful of beat up correspondent lenders and credit unions.

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