Dodd-Frank is DEAD! God Bless
America!
America!
I just spend
the past 12 hours in a Continuing Education class discussing the changes that
are required for Dodd-Frank/CFPB regulations.
And let me tell you it’s a massive, madness, unbelievable, un-holey nightmare. We are going to have to hire a full time
person just filling out forms so the government can track you even
more.
the past 12 hours in a Continuing Education class discussing the changes that
are required for Dodd-Frank/CFPB regulations.
And let me tell you it’s a massive, madness, unbelievable, un-holey nightmare. We are going to have to hire a full time
person just filling out forms so the government can track you even
more.
BUT
maybe we won’t.
Word is now
circulating in Washington that a top priority within Team Trump going forward is the swift and decisive dismantling of the disastrous and highly
controversial Dodd-Frank Wall Street reform
legislation that has resulted in record-breaking bank profits while decimating
the small-business and private party loan environment that is doing yet further
harm to an already weakened American Middle Class.
circulating in Washington that a top priority within Team Trump going forward is the swift and decisive dismantling of the disastrous and highly
controversial Dodd-Frank Wall Street reform
legislation that has resulted in record-breaking bank profits while decimating
the small-business and private party loan environment that is doing yet further
harm to an already weakened American Middle Class.
The
Democrat-sponsored bill greatly favored the richest of the rich who could
afford to wade through the monstrous layers of red tape, while crippling smaller banks and businesses
who could not do so. The result was further consolidation of the banking
industry, less competition, and ultimately, fewer choices to the
consumer. Personally, I’m amazed that any small mortgage company is even still
in business or making any money.
Democrat-sponsored bill greatly favored the richest of the rich who could
afford to wade through the monstrous layers of red tape, while crippling smaller banks and businesses
who could not do so. The result was further consolidation of the banking
industry, less competition, and ultimately, fewer choices to the
consumer. Personally, I’m amazed that any small mortgage company is even still
in business or making any money.
However, congressional leaders have already been put on notice that within days after Donald Trump is sworn in on
January 20th, the new president expects Congress and the White House to move quickly to
dismantle the Dodd-Frank boondoggle and bury it deep within the growing
trash-bin that was once the Obama legacy.
January 20th, the new president expects Congress and the White House to move quickly to
dismantle the Dodd-Frank boondoggle and bury it deep within the growing
trash-bin that was once the Obama legacy.
So how bad is Dodd-Frank?
Let me put it
in terms for a Realtor, if the Dodd-Frank rules were applied to a Realtor this
is what it would be like in general terms.
in terms for a Realtor, if the Dodd-Frank rules were applied to a Realtor this
is what it would be like in general terms.
1. If you did
not get signatures and disclosures to your buyer or seller in a timely
manner. – YOUR FINED
not get signatures and disclosures to your buyer or seller in a timely
manner. – YOUR FINED
2. If you had a
typo on your contracts sales/listing – YOUR FINED
typo on your contracts sales/listing – YOUR FINED
3. Total cost
to seller for buyer/broker fees cannot ever exceed 3%. That 1.5/1.5 for the split.
to seller for buyer/broker fees cannot ever exceed 3%. That 1.5/1.5 for the split.
4. If the
seller/buyer feels that they were treaded un-fairly you will have to give them back
your commission and then – YOUR FINED.
seller/buyer feels that they were treaded un-fairly you will have to give them back
your commission and then – YOUR FINED.
5. If any
buyer/seller complain to the CFPB you may be audited and will have to pay for
the cost of the audit.
buyer/seller complain to the CFPB you may be audited and will have to pay for
the cost of the audit.
6. You will
have to collect data on the national origin, sex, status, results, sales,
status, time, discussion, and much more on everyone who you talk to
about selling/listing a home. Up to 138
different items to collect on everyone. Even if you don’t list or sell
them a home.
have to collect data on the national origin, sex, status, results, sales,
status, time, discussion, and much more on everyone who you talk to
about selling/listing a home. Up to 138
different items to collect on everyone. Even if you don’t list or sell
them a home.
Recently I’ve realized that God is now answering my
prayers.
prayers.
When you look
at the Dodd-Frank measures, its frustrating that this piece of regulation ever
came to being. It’s equally frustrating
that there is no way that I can change the rules and fix the situation. However, I do have an ace in my back pocket
that can fix anything and lately this ace is fixing a-lot-of-things in the
world. All you have to do is ask. Miracles and answers to prayers do happen and
this is all we can do to fight the stupid corrupt people in charge.
at the Dodd-Frank measures, its frustrating that this piece of regulation ever
came to being. It’s equally frustrating
that there is no way that I can change the rules and fix the situation. However, I do have an ace in my back pocket
that can fix anything and lately this ace is fixing a-lot-of-things in the
world. All you have to do is ask. Miracles and answers to prayers do happen and
this is all we can do to fight the stupid corrupt people in charge.
Miracle 1 –
Cubs win!
Cubs win!
Miracle 2 –
Cuba is going to become free!
Cuba is going to become free!
Miracle 3 – Trump
Wins!
Wins!
… and soon to
be….
be….
Miracle 4 – Dodd-Frank is killed!
I do believe
that God answers payers. So keep praying, because this all we can do. This massive,
unbelievable, un-holey nightmare will end.
that God answers payers. So keep praying, because this all we can do. This massive,
unbelievable, un-holey nightmare will end.
Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC
Tel: (623) 582-4444 | Fax: (888) 279-6917
www.Level4Funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112
Phoenix AZ 85027
Broker/RI/CEO/MLO
Level 4 Funding LLC
Tel: (623) 582-4444 | Fax: (888) 279-6917
www.Level4Funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112
Phoenix AZ 85027
About the author: Dennis has been working in the real estate
industry in some capacity for the last 40 years. He purchased his first
property when he was just 18 years old. He quickly learned about the amazing
investment opportunities provided by trust deed investing and hard money loans.
His desire to help others make money in real estate investing led him to
specialize in alternative funding for real estate investors who may have
trouble getting a traditional bank loan. Dennis is passionate about alternative
funding sources and sharing his knowledge with others to help make their dreams
come true.
industry in some capacity for the last 40 years. He purchased his first
property when he was just 18 years old. He quickly learned about the amazing
investment opportunities provided by trust deed investing and hard money loans.
His desire to help others make money in real estate investing led him to
specialize in alternative funding for real estate investors who may have
trouble getting a traditional bank loan. Dennis is passionate about alternative
funding sources and sharing his knowledge with others to help make their dreams
come true.
Dennis has been married to his wonderful wife for 42 years an
Arizona resident for the past 40 years. They have 2 beautiful daughters 5
amazing grandchildren.
Arizona resident for the past 40 years. They have 2 beautiful daughters 5
amazing grandchildren.