Posted by ikando on 8/28/12 1:24pm
Msg #432264

One size doesn't fit all

I read this comment on Blog View, written by David Coster, author of Total Mortgage Services' Total Mortgage Blog. It relates to the Consumer Financial Protection Bureau (CFPB) proposals.

"In the mortgage industry, the impact of price controls as it relates to quality will be regarding the types of people working in the industry. The fact is that limiting the potential income and stipulating that someone’s time is worth only so much will discourage the best and the brightest from entering the field, thus diluting the level of competition needed to encourage better service to consumers."

This is in reference to the fees charged by lenders (with some suggesting a fixed fee for any size loan), but could apply to all persons involved in the mortgage industry, from appraisers to us notaries.

Reply by anotaryinva on 8/28/12 7:08pm
Msg #432307

aint that the truth, i had to read it 2

"In the mortgage industry, the impact of price controls as it relates to quality will be regarding the types of people working in the industry. The fact is that limiting the potential income and stipulating that someone’s time is worth only so much will discourage the best and the brightest from entering the field, thus diluting the level of competition needed to encourage better service to consumers."