Mortgage Industry Trends

Washington Fiddles While Markets Do a Slow Burn

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america-uncertainty-american=flagThe year started out with great anticipation. We had a new president, a new administration, with plans to improve the economy and get people working again.

Even with talk of interest rate hikes, things were buzzing due to the potential for more jobs, wage growth, fewer regulations, with tax and healthcare reforms. America was ready to get back to the business of business, to make America great once more.

What happened? Here we are 6 months later floundering in a sea of uncertainty. Uncertainty brought about by continual accusations and investigations in the President’s, and his staff’s, involvement in Russia’s part in the recent elections. Otherwise, work being done to run the Country has been put on hold.

As a result, we now once again begin to see stagnation in economic growth.  Businesses and consumers aren’t quite sure what comes next. With that, there’s a hesitation for business investment and consumer spending, both are not good for the economy, housing or mortgage lending.

Congress needs to get back on track. Understandably, they must get to the bottom of the Russia issue, if there is such a thing. I for one believe it is much ado about nothing, but I admit I am a Trump supporter. Others may see things differently. For now, let’s agree to disagree.

Let’s leave it to the special counsel appointed to continue the investigations. Congress needs to get to work on other important issues so the economy may continue to grow.

They need to clear the air so business may create new jobs, with more potential for wage increases, and once again homeownership can become a realistic dream for everyone.

We need to notify our elected officials of what we want. They represent us, the people. If you believe they should continue to spend all their time investigating the President and his staff, then so be it.

I personally think their time can be much better spent doing what will be most benefit the American people and our economy.

Otherwise, Russia will have had their way; disrupting the American economy and weakening our position throughout the world. We can’t allow that to happen. It’s about time we got America moving again.

Michael Vitali

About the Author

Michael Vitali

Michael L. Vitali – Independent Consultant to the Mortgage Industry Mike Vitali is an independent consultant to the mortgage industry on matters concerning compliance and mortgage lending. He most recently served as the Senior Vice President and Chief Compliance Officer for LoanLogics, monitoring regulatory developments and their practical implications for the mortgage lending industry. His duties included research, interpretation, and analysis of existing and proposed legislation related to the industry in support of recommendations for policy and/or procedure changes to maintain continued quality and compliance with all applicable laws, rules and regulations, investor requirements, and standard mortgage practices. In his more than 40 years in the mortgage industry, in senior level management, he has gained experience in all areas of mortgage lending, risk management, and compliance. Mike is a past President of the MBA of Greater Philadelphia, is a charter member and was the second Chairman of the MBA of Pennsylvania, and a past board member and Legislative Chair of both associations. He is a recipient of the 1998 Mortgage Banker of the Year Award from the MBA of Greater Philadelphia, and the 2003 Chairman's Award from the MBA of PA, and currently serves on several compliance related task forces for MBA.
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Michael Vitali

About Michael Vitali

Michael L. Vitali – Independent Consultant to the Mortgage Industry Mike Vitali is an independent consultant to the mortgage industry on matters concerning compliance and mortgage lending. He most recently served as the Senior Vice President and Chief Compliance Officer for LoanLogics, monitoring regulatory developments and their practical implications for the mortgage lending industry. His duties included research, interpretation, and analysis of existing and proposed legislation related to the industry in support of recommendations for policy and/or procedure changes to maintain continued quality and compliance with all applicable laws, rules and regulations, investor requirements, and standard mortgage practices. In his more than 40 years in the mortgage industry, in senior level management, he has gained experience in all areas of mortgage lending, risk management, and compliance. Mike is a past President of the MBA of Greater Philadelphia, is a charter member and was the second Chairman of the MBA of Pennsylvania, and a past board member and Legislative Chair of both associations. He is a recipient of the 1998 Mortgage Banker of the Year Award from the MBA of Greater Philadelphia, and the 2003 Chairman's Award from the MBA of PA, and currently serves on several compliance related task forces for MBA.
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