Bridget's Blog

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There's not enough regulation!

Unfortunately after a wide search on the web I was unable to find out the genius behind this post.  There seems to be lots of people taking credit without giving the author his/her due.  I hope you understand how ridiculous the changes that are coming that will regulate broker's compensation.  The fed is supposed to be trying to help the consumer and with every additional regulation, consumers are getting hosed, the banks are getting richer, honest brokers are being driven out of the business. 

If you were wondering when rates were going to start going up, the answer is "soon after the broker comp changes go into place.  The lenders will pad the pricing so they can compensate for any "potential shortfalls", brokers hands will be tied and borrower's will pay the price.  You think the housing market was hurting before?  Hold onto your hats folks!  It's about to get really bumpy!

Maryland Mortgage Mama!

FDA Revamps Waitress Compensation Due to e-coli Poisoning

Regulators are proposing a change in how food servers in the United States are paid due to recent e coli poisoning at a local restaurant. E Coli (short for "Escherichia coli" ), can cause serious food poisoning in humans and the bacteria is responsible for occasional product recalls due to unsanitary conditions at Major Slaughterhouses around the country. Clearly though, it is the fault of the food server known as the "Waiter" or "Waitress".

Mr. Tommy Aikey awoke a few days ago with food poisoning after having a steak meal served by Wendy Knowfalt, a food server at "Steak and Ail". After Tommy Aikey reported the incident to local authorities, the legislators and regulators quickly got to work on a new bill that will prevent this type of food poisoning in the future. From the experts within the government, all indications show that clearly the waiter / waitress was totally at fault for the entire ordeal.

Here is a breakdown of the new regulation and the main components.

• Waiters / Waitresses will no longer be able to have their tips or other compensation based on the type of the meal they serve, the server's experience level, or service levels to the customer. For example:

• A Waiter or Waitress may not be paid more for a steak dinner than a Shrimp or chicken dinner.

• A Waiter or Waitress must be paid the same regardless of whether the food comes out hot, warm, or cold or due to any delay in food preparation while the server was on break.

• When customers order their meal, they must be presented with a minimum of 3 different menus from competing restaurants in the area.

• The customer must wait 3 hours to order their meal after signing a disclosure showing what type of salad, starch and vegetable will be served with the meal. If the restaurant owner provides these "ancillary" items - he may not charge a higher margin on one item over the other.

• The waiter/waitress must be either paid by TIPS from the consumer, or by credit card - NOT by BOTH.***Note that for these purposes, both the Restaurant itself AND the Wait Staff are considered "Servers", thus - if the Credit card option is used to pay the cashier (owner of the restaurant), then NO TIPS may be accepted by the waitress.

• A "Server" may not "Steer" a consumer into a meal by a certain animal type if they will receive greater compensation from that meal, than in other meals which may have been offered the consumer... Unless the offered meal is in the consumers best interest (Safe Harbor).***** NOTE: it is unclear within the proposed law how far this legal definition goes, and the FDA is offering NO CLARIFICATION. If the same steak dinner is available 2 blocks away, is it in the best interest to send the client to the competing restaurant?

• Serving Steak over Salmon in the best interest of the consumer's health. All questions that have severe penalties and will only be clarified during future inspections of the restaurant, by the Food Inspector.

• Lastly, in another unrelated law that is being considered called QRM, or Qualified Reluctant Meals- certain Restaurant owners should be aware that they may have to eat 5% of the consumers meal prior to serving.

And to think, loan officers thought they had it bad? Hold on to your hats... its about to get real crazy

Warm Regards,

Bridget McGee  Maryland Mortgage Mama  NMLS# 196068  Corridor Mortgage Group.   410-960-2061 EHO   bmcgee@corridormtg.com or marylandmortgagemama@gmail.com

 

If you are considering purchasing a home in Maryland and want to be sure you are mortgage ready, my brother Tony and I will be happy to help! We help to make the mortgage process a pleasure! 

If you already own your home, we are happy to provide a no-cost mortgage review to help you to determine if refinancing may be in your best interest.  Please contact me at 410-960-2061.

Comment balloon 6 commentsBridget "Mortgage Mama" McGee • March 24 2011 09:21PM

Comments

Wow, never saw it posted in that perspective before.  point taken!

Posted by Krista Abshure (Fathom Realty) over 8 years ago

this post is funny yet sad. changes in the real estate industry come quickly and sometimes without full thought, i love your attitude about it. great post.

Posted by Kaera Mims, Associate Broker, e-PRO, REALTOR; Hampton, Newport News, York Co. (Liz Moore & Associates) over 8 years ago

Krista,  The changes they are making will only serve to line the pockets of the big banks and hurt the consumer....hopefully those in charge will realize this sooner than later!

Carla, The last two years have seen more change than my first 7 years in the business combined.   We treat our borrowers honestly and fairly.  It is unfortunate that those in charge are lumping everyone into a pot of liars and thieves only to serve their own interests.  Thanks for the luck, hardwork and integrity will always land you on your feet.

Kaera, I agree wholeheartedly.  The person who wrote this analogy (I wish I knew who it was!) really GETS IT. 

Posted by Bridget "Mortgage Mama" McGee, Maryland Mortgage Mama NMLS#196068 (SWBC Mortgage 410-960-2061) over 8 years ago

That was an awesome perspective on it, Bridget!  It is truly a sad environment we are approaching.  I think with your permission, I'm going to reblog this.

Posted by Karen Burket, Valley Mortgage Grou, Conventional, FHA, VA, mortgages (Bank of Oregon a division of Willamette Valley Bank ) over 8 years ago

Well nevermind...AR still hasn't reactivated reblogging.  :-(

Posted by Karen Burket, Valley Mortgage Grou, Conventional, FHA, VA, mortgages (Bank of Oregon a division of Willamette Valley Bank ) over 8 years ago

Bridget, there appears to be no more common sense. I think we are just at the tip of the iceberg for change. Thank you for taking the time to write this fresh perspective and interesting comparison. Hang in there and stay positive.

Posted by Emily Medvec Qualifying Broker, Realtor | Serving Santa Fe & Northern NM (Hello Realty) over 8 years ago

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