Guest Blog from Terry Johnson of OMT Mortgage

Howdy,
What has been referred to as "the most comprehensive response yet to the American mortgage crises", HR3221 has passed the House and Senate, and has been signed into law by the President. This law has support from NAMB (National Association of Mortgage Brokers) and OAMP (Oregon Association of Mortgage Professionals). Remember those organizations, as they will come up again. In installments I'll share with you things about that new law that may be of interest to you.
Today I'll talk about Loan Officers/Mortgage Brokers. It is believed by OAMP that around 12,000 loan officers are currently doing business in Oregon. Of those around 9000 are working from another State. That's not a misprint. 9000 are not Oregonians, do not pay Oregon Taxes, do not buy computers, printers, or food in Oregon stores. They do not live in Oregon houses or pay property taxes that help Oregon Schools. They are not bound by Oregon's strict education and licensing requirements, or the oversight that Oregon Mortgage Brokers have through The State of Oregon Division of Finance and Securities. If that wasn't bad enough, they are also probably not Duck or Beaver fans.
Who are these people and the Companies they work for? You know them. You see their commercials on TV every night and are hounded by their pop ups on your computer everyday. Why do they do so much business? Can they offer better service? NO they cannot. In fact the service is often very poor. Can they offer better deals than a local Mortgage Broker? NO they cannot. They do, however, usually PROMISE better deals. It has long been the stand of OAMP and NAMB that a National system be established to set standards and provide oversight of ALL Mortgage Brokers. This can also keep bad players from skipping from State to State ahead of State regulators. Does this happen? You'd better believe it. HR 3221 at long last requires that such a registry and oversight be established. That is GOOD for the Consumer, and our entire industry.Well, that's it for today. If you have any questions blog me back. I'll be happy to respond. I'll have more on HR 3221 soon.

:-) JOHNSON