Comments on: President Bush Wants to Expand Mortgage Disclosures http://allfinancialmatters.com/2007/09/20/president-bush-wants-to-expand-mortgage-disclosures/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 25 May 2012 02:50:51 +0000 hourly 1 http://wordpress.org/?v= By: Joan Lencioni http://allfinancialmatters.com/2007/09/20/president-bush-wants-to-expand-mortgage-disclosures/comment-page-1/#comment-174457 Joan Lencioni Mon, 19 Nov 2007 19:36:46 +0000 http://allfinancialmatters.com/2007/09/20/president-bush-wants-to-expand-mortgage-disclosures/#comment-174457 Hey Meg There is a company online that solves the disclosure process and makes it transparent from lenders. The consumer site is offerangel.com and has taken off like crazy. I love the free side-by-side lender report that compares mortgage offers from competing lenders. Honest lenders love it too. Check it our and let everyone know. The founders name is Meg too! Thanks Joan Hey Meg

There is a company online that solves the disclosure process and makes it transparent from lenders. The consumer site is offerangel.com and has taken off like crazy. I love the free side-by-side lender report that compares mortgage offers from competing lenders. Honest lenders love it too.
Check it our and let everyone know. The founders name is Meg too!
Thanks Joan

]]> By: mortgage-broker » Blog Archive » - Kintera.org -- The Giving Communities http://allfinancialmatters.com/2007/09/20/president-bush-wants-to-expand-mortgage-disclosures/comment-page-1/#comment-143804 mortgage-broker » Blog Archive » - Kintera.org -- The Giving Communities Mon, 24 Sep 2007 21:40:21 +0000 http://allfinancialmatters.com/2007/09/20/president-bush-wants-to-expand-mortgage-disclosures/#comment-143804 [...] Today’s Wall Street Journal featured an article about the Bush Administration’s plan to expand mortgage disclosures ( $), which will give borrowers a clear picture of how much they are paying and what they are paying for. This is a good thing!… …more [...] [...] Today’s Wall Street Journal featured an article about the Bush Administration’s plan to expand mortgage disclosures ( $), which will give borrowers a clear picture of how much they are paying and what they are paying for. This is a good thing!… …more [...]

]]> By: Mortgage » President Bush Wants to Expand Mortgage Disclosures http://allfinancialmatters.com/2007/09/20/president-bush-wants-to-expand-mortgage-disclosures/comment-page-1/#comment-143595 Mortgage » President Bush Wants to Expand Mortgage Disclosures Mon, 24 Sep 2007 05:53:16 +0000 http://allfinancialmatters.com/2007/09/20/president-bush-wants-to-expand-mortgage-disclosures/#comment-143595 [...] Such wrote an interesting post today onHere’s a quick excerptPresident Bush singled out the industry in a speech last month, saying his administration “will soon issue regulations that require mortgage brokers to fully disclose their fees and closing costs.” Mark Savitt, president-elect of the … [...] [...] Such wrote an interesting post today onHere’s a quick excerptPresident Bush singled out the industry in a speech last month, saying his administration “will soon issue regulations that require mortgage brokers to fully disclose their fees and closing costs.” Mark Savitt, president-elect of the … [...]

]]> By: Roundup for week of 16 September 2007: California Raisin edition at Mighty Bargain Hunter http://allfinancialmatters.com/2007/09/20/president-bush-wants-to-expand-mortgage-disclosures/comment-page-1/#comment-142805 Roundup for week of 16 September 2007: California Raisin edition at Mighty Bargain Hunter Sat, 22 Sep 2007 06:12:46 +0000 http://allfinancialmatters.com/2007/09/20/president-bush-wants-to-expand-mortgage-disclosures/#comment-142805 [...] All Financial Matters talks about more mortgage disclosures. [...] [...] All Financial Matters talks about more mortgage disclosures. [...]

]]> By: Real Estate » President Bush Wants to Expand Mortgage Disclosures http://allfinancialmatters.com/2007/09/20/president-bush-wants-to-expand-mortgage-disclosures/comment-page-1/#comment-142558 Real Estate » President Bush Wants to Expand Mortgage Disclosures Fri, 21 Sep 2007 08:51:15 +0000 http://allfinancialmatters.com/2007/09/20/president-bush-wants-to-expand-mortgage-disclosures/#comment-142558 [...] unknown wrote an interesting post today onHere’s a quick excerptToday’s Wall Street Journal featured an article about the Bush Administration’s plan to expand mortgage disclosures ($), which will give borrowers a clear picture of how much they are paying and what they are paying for. … [...] [...] unknown wrote an interesting post today onHere’s a quick excerptToday’s Wall Street Journal featured an article about the Bush Administration’s plan to expand mortgage disclosures ($), which will give borrowers a clear picture of how much they are paying and what they are paying for. … [...]

]]> By: Morrison http://allfinancialmatters.com/2007/09/20/president-bush-wants-to-expand-mortgage-disclosures/comment-page-1/#comment-142416 Morrison Thu, 20 Sep 2007 23:36:47 +0000 http://allfinancialmatters.com/2007/09/20/president-bush-wants-to-expand-mortgage-disclosures/#comment-142416 ... so even more paperwork at closing will fix things ??? ...the paperwork presented to buyers at a residential real-estate closing is already overwhelming. Even well-educated people are rarely able to understand what they are actually signing & acknowledging. More stuff to read & sign will NOT help. The entire residential real-estate 'transfer-of-title' process is a huge mess in the U.S. It should be a relatively simple process, like buying a car -- but the process is very heavily regulated & bureaucratized. And everybody gets a cut at the 'closing', especially the government... with outrageous taxes & fees. The buyer/borrower usually gets reamed, by design. Prices for Title-Insurance & Title-search are a government-sanctioned ripoff to consumers. Reform and simplify the whole process. Real estate transactions are much simpler & efficient in other countries, like Great Britain. … so even more paperwork at closing will fix things ???

…the paperwork presented to buyers at a residential real-estate closing is already overwhelming. Even well-educated people are rarely able to understand what they are actually signing & acknowledging.

More stuff to read & sign will NOT help.

The entire residential real-estate ‘transfer-of-title’ process is a huge mess in the U.S. It should be a relatively simple process, like buying a car — but the process is very heavily regulated & bureaucratized. And everybody gets a cut at the ‘closing’, especially the government… with outrageous taxes & fees. The buyer/borrower usually gets reamed, by design. Prices for Title-Insurance & Title-search are a government-sanctioned ripoff to consumers.

Reform and simplify the whole process. Real estate transactions are much simpler & efficient in other countries, like Great Britain.

]]> By: Steve http://allfinancialmatters.com/2007/09/20/president-bush-wants-to-expand-mortgage-disclosures/comment-page-1/#comment-142385 Steve Thu, 20 Sep 2007 21:59:30 +0000 http://allfinancialmatters.com/2007/09/20/president-bush-wants-to-expand-mortgage-disclosures/#comment-142385 Currently, the mortgage brokers do show all of their fees on the good faith estimate; however, the way that they are expressed isn't always easy to see. For example, the points that the broker charges is listed under the yield spread, which is filled in with a number. What many brokers do is put YPS = 1 to 5. This is a full disclosure, but would anyone really know that this means the broker can take a cut of 1 to 5 percent? It's not the fact that there isn't full disclosure, but that the disclosure is confusing, full of acronyms, and not in dollars or percentages. If you have to put all of the things in a HUD document in actual dollars, then it would make much more sense to most people, and they could actually use the estimates to shop around for the best deal. No matter what, this doesn't preclude the fact that many people still overbought during the pre-bubble days and are now getting burned for it. Currently, the mortgage brokers do show all of their fees on the good faith estimate; however, the way that they are expressed isn’t always easy to see. For example, the points that the broker charges is listed under the yield spread, which is filled in with a number. What many brokers do is put YPS = 1 to 5. This is a full disclosure, but would anyone really know that this means the broker can take a cut of 1 to 5 percent?

It’s not the fact that there isn’t full disclosure, but that the disclosure is confusing, full of acronyms, and not in dollars or percentages. If you have to put all of the things in a HUD document in actual dollars, then it would make much more sense to most people, and they could actually use the estimates to shop around for the best deal.

No matter what, this doesn’t preclude the fact that many people still overbought during the pre-bubble days and are now getting burned for it.

]]> By: Mrs. Micah http://allfinancialmatters.com/2007/09/20/president-bush-wants-to-expand-mortgage-disclosures/comment-page-1/#comment-142366 Mrs. Micah Thu, 20 Sep 2007 19:56:22 +0000 http://allfinancialmatters.com/2007/09/20/president-bush-wants-to-expand-mortgage-disclosures/#comment-142366 I agree. I agree.

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