Posted by Susan Fischer on 12/5/07 12:53pm
Msg #224414

Sacramento CW instructions included new language.

It seems that those railing against more 'regulations' are missing the bigger picture here - that the industry is attempting to address the shoddy practices and unclear responsibilities of the messy past.

As more companies embrace these clarifications, and they clearly are, those who opt for participation in the processes of finalizing the language by submitting comments, will have a far greater impact on the sensibilities of the final product as it relates to our particular niche in the closing process than those who cling so tenatiously to the withering status quo.

Reply by Glenn Strickler on 12/6/07 4:07am
Msg #224583

In our state assembly, there are no fewer than 41 different bills being considered to deal with the perceived problems in the mortgage industry in this state. How there is going to be universal instructions on a national level is beyond me.

I still have my copy of the loan docs from my first house that I bought in 1972. Twenty-four ( yes that is 24) pages. The were pretty straight forward .. Pay up or move out .... Now look what more regulation has done for us ....

I wish I had an answer .... I would have more money than Bill Gates if I could figure this one out. But more regulation is not it. Cleaning up the and simplifying the mess so the layman can understand it once again is ......