I try very hard to keep up with things and still do my job as a mortgage brokerage owner. I help people secure a loan for their dream home or at least a starter home. I run a busy little office with a staff and origination team of 12. So, every morning I find myself ready to make sure I am doing my best to keep up with compliance and other industry news. Earlier today I was reading an article and it starts as follows;
The Office of Information and Regulatory Affairs finally put to rest questions around the requirements of independent agencies under President Donald Trump’s recent presidential memorandum and executive order. The uncertainty surrounded the impact of the EO on the future of regulations across all industries.
I thought to myself I wonder how many Americans have heard of the OIRA? So, my research drifted off of who they are, but rather would I or anyone as a matter of fact be able to keep up with all the hogwash in Washington DC today. I researched and tried to figure out how many government agencies really existed. After trying to search several government sites and whatever else the internet had thrown out at me, I realized I was going to be late on getting to the office this morning before I could even come close to find the true answer.
What I did find out is that there are over 430 different federal agencies in the USA; that’s almost 9 times the number of states in our Union.
Then I tried to take a look at who in these agencies enforces the rules and regulations they create.
I tried to see what are the laws that actually passed through the House or Senate or what were rules set by some attorney who doing work for a Government official who may have been on the take or looking out for one of his/her investments. Seriously is there anyone out there that actually knows of all these rules and regulations. After reading some of this junk you start to wonder are there more rules than people?
Since most rules are written by attorneys it makes you start to wonder, are they just creating job security for themselves versus protecting the public? Since I could not figure out who or what agency would be around to enforce these rules this left one conclusion for me. The sad fact is that a person would have to take civil action against another to even see if these rules hold any weight. How the heck does the common individual have the money after being swindled by a bad guy to take such an action?
Are these rules just designed for the big boys to have fun suing each other while the average citizens pay for all this. Ever wonder when enough is enough already? The real fact is that when dealing with a licensed professional, no matter what rules and regulations that are out there, the consumer still has to be able to judge and trust the person they have selected to handle their business is one of good moral character.
Ask questions and keep asking questions throughout the process and hopefully you find the right person to take you to a happy and successful closing table. See you there!