With one word. Regulatory!!
Consumers? The Feds wish them oh so well!
Yes- good intentions pave the road to hell.
To punish the villains of our industry,
They devised a plan of transparency.
Brilliant idea! HVCC,
And a "comprehensible" GFE!
That form is now so simplified,
That everyone is mystified.
Each lender sees it differently,
Can the broker get the YSP??
What dates? Which blocks? Are we compliant?
On Amanda we are all reliant!!
What day can we sign our docs?
For each thing there are different clocks!
A three day wait....do we start with zero?
When docs go out we're the hero!
We've never seen so many quirks!
No one's sure how this all works!
When to collect borrower's fees?
Brokers re-issuing GFE's!!
Paperwork brings us to our knees!
We're murdering so many trees!
Re-verify and then once more,
Employers hate us by the score!
When was the appraisal sent?
Where's that pesky document?
Our government in its benevolence,
Never uses common sense.
The only ones who are helped at all,
Are those supplying alcohol!
Happy New Year!
reprinted with permission, originally published by Rob Chrisman who publishes a lovely daily email about changes in the world of residential mortgage lending. it’s aimed at mortgage loan officers and others in the field. The average person has literally no idea how often regulations change in mortgageland. Rob’s email comes daily, and runs about 2 or 3 pages every day.