Marilyn – Every person who touches, processes an application (called a 1003) must be licensed. That included all processors as well. That went into effect on January 1, 2011. All brokers must be listed in the NMLS (National Mortgage Licensing System) with a valid license. This regulation made all brokers essentially 1099 employees because another part of the regulation directs how the income made from the origination of a mortgage is capped. You can no longer work under another “broker’s” license and you can no longer receive compensation from a lender and have those funds distributed to any other person in a broker’s office other than the one who performed the origination who must also be licensed. We have been forced to have signed agreements with the lenders under two scenarios: 1) Lender paid compensation and 2) Borrower paid compensation. You (broker) can only get paid from one entity chosen and that agreement with that lender applies for ALL persons working in that brokerage. It basically eliminated any competition for borrowers as everybody is regulated at the same pay rate! Sadly, the profits that have been lost from the lenders are being passed down to the borrowers in the form of higher underwriting fees, title charges, closing fees, appraisals and the like. I love it when a borrower says “I’m going with the broker who has the best deal for me”….laughable….there is no competition anymore. We only have ‘service to the customer’ as our only distinction. And by the way, the mortgage originators working at the banks are not under the same rules so the whole of it is designed to eliminate the brokerage side. In the real world, the brokerage side was the only key to keeping the banks on the straight and narrow – we were the ONLY competition for them. With us eliminated, they are free to set the rules and the borrower is left with NO choices.

I vent…I do not believe for one minute there was such a Job Bill…I do not believe anything that Obama say’s….anything to do with jobs is plain horse manure….it has not been important for almost 3 years…why would it be now…..Doesn’t this man know we are way ahead of him? The more he talks the more asinine he sounds…. he certainly does not make for a good liar….it is written all over his face……..

I vent…You hit that one right on….the hit is when they least expect it…I remember when my Dad worked on Mafia cases years back ……I would hear him telling my Mother about ‘ in the barber’s chair ‘….’ opened a closet door ‘….I would sleep with the blankets completely over my head….thinking no one would find me….as it goes..you play..you pay….Maybe in the mean time…Rome may have many visitors….and not to receive a blessing either……the world has awaken………..Ireland has…..there will be more to follow…..cut the cord….end the Federal Reserve…and get Washington DC cleaned out…… Obama has said and done enough….against the people…. TREASON……

All of the politicians need to be removed….they are all traitors..!

Wisconsin is trying to have their tyrannical Governor removed….maybe look into how they are doing that?

Fury, The people need to make a stand. I have always felt there was an American side to this….Communism and Totalitarianism is knocking at America’s door, the NWO Global Tyranny… and We The People have to send it packing, now…before they try and steal anymore of our freedoms…The politicians need to be held accountable for this…they are who I blame the most…traitors from within…this could never have happened without inside help and it cannot be stopped without inside help…We may just have some real american patriots hiding behind the scenes of Occupy….it is up to all of us to run with this….!! Max Keiser suggested that if we can’t be at the rallies, we can all do our part…stop paying the mortgage, stop using the big banks and their credit….stop paying and feeding the beast ..!!
http://maxkeiser.com/

So true Marilyn!…they all wonder which one is going to get the horse’s head in their bed from the vatican assassins….Did you hear the Senate voted down Obama’s jobs bill? I don’t believe there ever was a jobs plan…more kabuki crap…They want everyone to be jobless, destitute and at their mercy..Screw them….the last thing we all need is their remedy for their poison…. I heard on the radio today the Chicago Transit Authority is going to be laying off a bunch of mostly upper level employees….more will be joining the frauclosure club…This is going to be getting really ugly soon….!!

I vent….they sleep with one eye open…..nothing is saying they are safe….nowhere…..just as in the mafia…many were killed by their own family member….of course they are cowards…..just as gang members are…get one alone and he is chicken shit….the security is among others in their ‘ crowd ‘…until another has plans……….so who can they really trust?

Well…just how do we start on getting rid of him ? I have never started or worked on a petition before so I am in the dark….Do you know how to start this ? Or does anyone on here know the ropes to starting a petition ?

Bobbi….Very good point…..just find someone who is already crooked and wealthy and have them get you into office….than both will reap the profits….gotcha ……..Another thing I want to ask you since you are a broker…..A Mortgage Co. hires ‘ brokers ‘ to do the application work…are these licensed brokers or are they working under the owners license…such as someone who calls themselves a plumber..( not licensed) and works under the owners license…and does the person who signs the application have to have a license….signs it as a broker……