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This room is for general discussion that doesn't specifically fit into one of the other CatholicMatch rooms. Topics should not be overly serious as this is to be more of a "cafe setting."

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May 13th 2013 new
(Quote) Ria-570234 said: Obviously, few here have any knowledge of how the mortgage industry functions today. (Just a comment - not a sni...
(Quote) Ria-570234 said:

Obviously, few here have any knowledge of how the mortgage industry functions today. (Just a comment - not a snide remark!) Having been involved in this industry for more years than I care to reveal, I can say without hesitation that with all the regulations foisted upon us by Dodd-Frank et al, Walmart would never consider entering into the mortgage world. It restricts competitveness, creates innumerable compliance issues, and has increased cost factors in the name of 'Consumer Protection', all to the benefit of government agencies and their affiliates, and serving no obvious benefit to the consumer. What used to be a fairly pleasant, one-on-one, cut & dry business transaction to help people become homeowners has now become a multi-level, impersonal, paperwork-intensive exercise in tolerance on the part of all involved.


Walmart is in the busines to maintain & improve their financial stability and provide a service to the general public. The mortgage industry is now 'capped' on its earning capabilities regardless of whether it's a small office or a large bank. The licensing, fees, and costs are all mandated and have all grown incrementally, yet those cannot be passed on to the consumer. The ability to remain financially VIABLE (much less PROFITABLE) is a constant struggle to any independent company and/or bank offering mortgage services, unless they are directly tied to government programs.


It's a pretty safe bet that the same will happen with the Health Care Industry trying to keep it's head above water with what's coming down the road.



Just my ...

--hide--


Hello Ria! Good to see you back.
May 13th 2013 new
(Quote) Ria-570234 said: Obviously, few here have any knowledge of how the mortgage industry functions today. (Just a comment - not a sni...
(Quote) Ria-570234 said:

Obviously, few here have any knowledge of how the mortgage industry functions today. (Just a comment - not a snide remark!) Having been involved in this industry for more years than I care to reveal, I can say without hesitation that with all the regulations foisted upon us by Dodd-Frank et al, Walmart would never consider entering into the mortgage world. It restricts competitveness, creates innumerable compliance issues, and has increased cost factors in the name of 'Consumer Protection', all to the benefit of government agencies and their affiliates, and serving no obvious benefit to the consumer. What used to be a fairly pleasant, one-on-one, cut & dry business transaction to help people become homeowners has now become a multi-level, impersonal, paperwork-intensive exercise in tolerance on the part of all involved.


Walmart is in the busines to maintain & improve their financial stability and provide a service to the general public. The mortgage industry is now 'capped' on its earning capabilities regardless of whether it's a small office or a large bank. The licensing, fees, and costs are all

mandated and have all grown incrementally, yet those cannot be passed on to the consumer. The

ability to remain financially VIABLE (much less PROFITABLE) is a constant struggle to any independent company and/or bank offering mortgage services, unless they are directly tied to government programs.


It's a pretty safe bet that the same will happen with the Health Care Industry trying to keep it's head above water with what's coming down the road.

Just my ...

--hide--


Thanks Ria for this sound information. It does make sense.
May 17th 2013 new
(quote) Ria-570234 said: Obviously, few here have any knowledge of how the mortgage industry functions today. (Just a comment - not a snide remark!) Having been involved in this industry for more years than I care to reveal, I can say without hesitation that with all the regulations foisted upon us by Dodd-Frank et al, Walmart would never consider entering into the mortgage world. It restricts competitveness, creates innumerable compliance issues, and has increased cost factors in the name of 'Consumer Protection', all to the benefit of government agencies and their affiliates, and serving no obvious benefit to the consumer. What used to be a fairly pleasant, one-on-one, cut & dry business transaction to help people become homeowners has now become a multi-level, impersonal, paperwork-intensive exercise in tolerance on the part of all involved.


Walmart is in the busines to maintain & improve their financial stability and provide a service to the general public. The mortgage industry is now 'capped' on its earning capabilities regardless of whether it's a small office or a large bank. The licensing, fees, and costs are all mandated and have all grown incrementally, yet those cannot be passed on to the consumer. The ability to remain financially VIABLE (much less PROFITABLE) is a constant struggle to any independent company and/or bank offering mortgage services, unless they are directly tied to government programs.


It's a pretty safe bet that the same will happen with the Health Care Industry trying to keep it's head above water with what's coming down the road.

Just my ...
Never knew any of the rules as you have outlined them. This seems to be too
much Government, for sure.

Imagine Healthcare as you have said.

This country is loosing its ability to function with all the rules. It really is getting very
scary. I hate to even think about it.

Thanks for the information.
May 18th 2013 new
As a previous poster said I think Walmart should streamline their business...And not offer mortgages...This definitely would put a larger target on their backs...

As to Walmart employee practices....I worked at one and never had a problem with them...Also, as I worked there I chose to buy Walmart stock so like it or not since I have bought stock 8+ years ago the price has went up around $20 per share....So, they are doing something right!!! There are SEVERAL businesses that are non union...I like to shop there because when I go to Kroger I constantly find things that are out of date still on the shelf!!!!


May 19th 2013 new

Sarah, thank you for the information you have posted. I wonder if some Walmarts
are better than other Walmarts? Meaning that some store managers do a better
job at controlling inventory?

I pretty much have been to a number of Walmarts in different parts of the country
and they all seem to have the same items. We never had a Walmart where I live,
until a few years ago because the taxes were too high for them to locate in our
county.

In the Walmart near me, I do not find the prices low at all on soaps or cosmetics
or food. The prices are pretty much comparable to other stores. A few years ago
they were lower, but not now.

Do you find that about the prices in the Walmart near you?
May 19th 2013 new
About the mortgages, I almost think they will set up a new Corporation for the
mortgages and it may not even be called Walmart. But that is true that if they
venture out into mortgages, they will definitely be critized for it.

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