Franklin Financial Group Blog More on Financial Regulatory Reform June 17th, 2010 6:20 PM Congress is presently in discussion of the financial regulatory reform bill. The National Association of Mortgage Brokers is tirelessly working to have some of the language amended. Primarily to both protect the mortgage brokerage industry as well as consumers' choices and rights. There was a reason that not too long ago mortgage brokers originated the majority of loans in the United States. The reason was simply because mortgage brokers obviously provided the service of obtaining a mortgage that Americans preferred as opposed to going directly to a bank or lending institution. The reasons Americans preferred brokers are many, but the facts are unarguable. So it stands to reason that an industry that a majority of Americans chose to use should be protected. Relating to consumers' choices and rights, the Bill if unamended, would remove a person's choice of how to pay certain costs to obtain a mortgage. Removing the choice by itself is completely wrong, but the outcome, which will certainly be higher costs to consumers is further argument that there's a problem in the current verbiage. What gives political figures the right to make independent choices for consumers? The answer clearly is they do not have that right and should not write something into law giving it to them. Regulatory reform clearly needs to be addressed, but not at the expense of mortgage brokers and originators who were the chosen majority by consumers as the preferred provider of mortgage services. More importantly, reform should not result in further harm and damage to the American people. Feel free to contact my office for further information, or contact your members of Congress to request they truly look out for the consumers' best interests! Posted by Kevin Ary, President (NMLS # 4599) on June 17th, 2010 6:20 PMPost a Comment (0) * Name: * Email Address: URL: Comment:         Type the characters you see in this picture, click "Submit" when finished.   This helps us prevent automated programs from posting comments and sending spam. * Name: * Email Address: Address: City: State: Zip:   This helps us prevent automated programs from creating bogus contacts and adding them to your contacts database.

Recent Posts: More on Financial Regulatory Reform Financial Regulatory Reform Bills Not the same Franklin Financial Group that is receiving bad press in Florida Mortgage brokers not out for the count Deadline approaching for 2010 Homebuyer Tax Credit USDA Rural Development Loans 2010 GFE Update 2010 New Good Faith Estimate Now In Effect 2010 RESPA Changes Are Mortgage Brokers Better Than Lenders or Mortgage Bankers? Archive: March 2007 The "Break Even Point" of No Closing Costs Loans or Mortgages Posted by Kevin Ary, President (NMLS # 4599) on March 6th, 2007 3:47 PM November 2009 Home Valuation Code of Conduct (HVCC) - It IS Costing Consumers! Posted by Kevin Ary, President (NMLS # 4599) on November 20th, 2009 9:08 AM RESPA changes to the Good Faith Estimate Posted by Kevin Ary, President (NMLS # 4599) on November 13th, 2009 9:20 AM September 2009 When Will Mortgage Rates Rise? Posted by Kevin Ary, President (NMLS # 4599) on September 25th, 2009 11:32 AM May 2009 Home Valuation Code of Conduct (HVCC) - It's going to cost consumers! Posted by Kevin Ary, President (NMLS # 4599) on May 8th, 2009 7:04 PM March 2009 Converting Second Mortgages into Investments Posted by Kevin Ary, President (NMLS # 4599) on March 13th, 2009 7:36 AM February 2009 Effects of Consumers of the Home Valuation Code of Conduct Posted by Kevin Ary, President (NMLS # 4599) on February 20th, 2009 9:10 AM January 2009 Refinancing into a lower rate and/or longer term mortgage Posted by Kevin Ary, President (NMLS # 4599) on January 23rd, 2009 3:22 PM December 2008 Government-Imposed Mortgage Rates of 4.5% Posted by Kevin Ary, President (NMLS # 4599) on December 19th, 2008 8:12 AM October 2008 Future of the Mortgage Industry Posted by Kevin Ary, President (NMLS # 4599) on October 3rd, 2008 9:07 AM July 2008 Should You Lock In Your Interest Rate or Float? Posted by Kevin Ary, President (NMLS # 4599) on July 11th, 2008 7:01 AM May 2008 Down Payment Required On Purchase Transactions Posted by Kevin Ary, President (NMLS # 4599) on May 18th, 2008 12:07 PM April 2008 Being "Above the Line" Posted by Kevin Ary, President (NMLS # 4599) on April 12th, 2008 6:56 AM Lending Integrity NAMB Member Posted by Kevin Ary, President (NMLS # 4599) on April 9th, 2008 3:11 AM February 2008 Identity Theft - It's not a matter of "IF" but a matter of "WHEN" it will happen to you. Posted by Kevin Ary, President (NMLS # 4599) on February 29th, 2008 7:50 AM The Fed Reduces Rates Twice in 30 Days Posted by Kevin Ary, President (NMLS # 4599) on February 4th, 2008 4:22 PM January 2008 2008 Starts Off With Some Activity Posted by Kevin Ary, President (NMLS # 4599) on January 16th, 2008 11:34 AM Consolidation/Merging of Lenders Continues Posted by Kevin Ary, President (NMLS # 4599) on January 11th, 2008 4:48 PM December 2007 Become Mortgage Free in Less Than Half the Time! Posted by Kevin Ary, President (NMLS # 4599) on December 19th, 2007 5:08 PM November 2007 Not everything is all Gloom and Doom! Posted by Kevin Ary, President (NMLS # 4599) on November 6th, 2007 3:00 PM September 2007 Mortgage Brokers services are extremely valuable during these tough times Posted by Kevin Ary, President (NMLS # 4599) on September 28th, 2007 12:41 AM August 2007 Mortgage Industry Going Through Dramatic Changes Posted by Kevin Ary, President (NMLS # 4599) on August 9th, 2007 11:51 AM June 2007 Becoming a Better Buyer Posted by Kevin Ary, President (NMLS # 4599) on June 4th, 2007 11:18 AM November 2009 (2) September 2009 (1) May 2009 (1) March 2009 (1) February 2009 (1) January 2009 (1) December 2008 (1) October 2008 (1) July 2008 (1) May 2008 (1) April 2008 (2) February 2008 (2) January 2008 (2) December 2007 (1) November 2007 (1) September 2007 (1) August 2007 (1) June 2007 (1) March 2007 (1) My Favorite Blogs: Sites That Link to This Blog: Huntsville Alabama Real Estate / Philip Winburn / Rosenblum Realty Inc. Judy Pipkin - Keller Williams Realty OurHouseForRent OwnerLand Realty

We are proud to announce that we made the Business Courier 2008 Book of Lists as one of the Largest Tri-State Residential Mortgage Lenders

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Franklin Financial Group is Licensed and Regulated by the State of Ohio, Department of Commerce, Division of Financial Institutions, Certificate No: MB.802894.000;  the State of Florida, Office of Financial Regulation, Audit No: MBB 0701709; the Commonwealth of Kentucky, Office of Financial Institutions, File No: 20297. NMLS # 1194