Tuesday, April 28, 2009

H.R. 1728 Help Appreciated

The House of Representatives is considering a Bill that would over regulate Mortgage Lenders and make Banks the primary lenders for Home Loans and effectively cut out mortgage brokers. Your help would be appreciated;

IMMEDIATE ACTION REQUIRED! Today the House Financial Services Committee will hold a mark-up session on H.R. 1728 to decide which provisions will be included in the bill. Please contact your Congressmen and urge them to support the Childers/Miller Amendment (which imposes a 12-month moratorium on the Home Valuation Code of Conduct ["HVCC"]). Click here to find your Congressman's contact information.In addition, please stress the importance of Title I, Section 103 that was carefully drafted and negotiated as part of HR 1728. This Section does its part to ban incentivized compensation from all distribution channels while still protecting mortgage brokers' ability to earn a living. It offers true consumer protection.You must act NOW! Below are talking points to assist in your conversations. Preserve your ability to make a living by urging your Congressmen to vote for the Childers/Miller Amendment in H.R. 1728!
Talking Points:I. Support the Childers/Miller AmendmentA) Imposes a 12 month moratorium on the HVCC.B) Additional information about the HVCC is available here. II. Title I, Section 103: YSPA) Protects small business.B) Bans incentivized compensation from all distribution channels.C) Provides true consumer protection: protection from incentive-driven practices while still allowing competition in the market.D) Consumers want zero-point or no cost loans. In order to make a living and compete with larger banks, brokers must be able to earn indirect compensation as part of the rate or financed into the mortgage amount

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