AN END TO YSP???!!! ACT NOW!!!

CALLING ALL BROKERS AND LOAN OFFICERS TO STAND UP FOR YOUR OCCUPATIONS!!!!!


This was sent to me today...

We need to get the word out, and in order to do this we must work together on protecting our interests as an industry!!!
I am writing today as a concerned small business owner involved in the mortgage industry concerning H.R. 3915, the "Mortgage Reform and Anti-Predatory Lending Act of 2007” which passed the House Financial Services Committee (“HFSC”) on Tuesday, November 6, 2007. I am very concerned about this bill as introduced and amended. I fear that, as currently drafted, it will hurt small business and the consumer. Unless certain provisions in the bill regarding my ability to earn a living are clarified, I urge you to share my concerns with your colleagues.The market has crashed. More importantly, borrowers are struggling to find good loans they can afford. If this bill passes I am worried that many options for borrowers will be gone and many customers will be left stranded. As passed by the Committee, H.R. 3915 contains a provision under Title I, Subtitle B, Section 123 that may eliminate an originator’s ability to receive direct and indirect compensation. As currently drafted, this provision may eliminate income (the yield spread premium (“YSP”)) and force many small business mortgage brokers to close their doors. Consumers need zero-point or no cost loans and investors need options that banks and large lending institutions just do not provide. For these borrowers to find what they need and offer options other than large banks, smaller brokers and correspondant lenders need to be able to earn indirect compensation as part of the rate or financed into the mortgage amount. I urge you and your colleagues to support an amendment making this change under Title I, Subtitle B, Section 123(b)(3). In addition, I do not support Title III of this bill, which addresses high-cost mortgages. We believe the practical effect of Title III is to create a de facto federal usury statute. The combination of loan cost limitations together with prohibited practices will stop lending in this in all of the non bank market segment. Let the borrower shop, compare and decide what is best for them, not create a federal government limitation which would limit access to deserving borrowers based solely on price.Please do not support H.R. 3915 unless:(1) Title I is amended to preserve both the consumer’s choice to finance fees and costs, and the creditor and investor’s ability to directly compensate mortgage originators for such fees or costs; and(2) Title III is stricken or significantly altered so that, in effect, there is no de facto usury ceiling and consumers have the ability to access credit.Thank you for your time and consideration of this issue.Sincerely,YOUR NAME HERE
First cc every real estate investor, real estate agent, builder and mortgage person you know...Then go to this link and find out who your representatives are.
http://capwiz.com/namb/home/.

let us work together on defeating this bill...thank you for your time