Thank you for tuning in. Today, we have crucial updates affecting our investment strategies and, most importantly, the consumers we help. Currently, we’re in the middle of a legislative session, and there are some pressing issues we need to address as a unified community.
Understanding the Stakes
Why Now? Legislation is in the pipeline that threatens to disrupt valuable strategies we rely on. These changes could affect not just our businesses but also the consumers who benefit from our services. It’s vital for us to stand together and make our voices heard.
Eddie Speed’s Role Eddie Speed, a seasoned veteran, has been championing this cause. Alongside him is Scott Horn, an attorney with 35 years in the business. Their leadership has set the stage for a unified response.
The Importance of Unity
Lessons from the Past In the past, lack of unity among investors led to damaging legislative changes, such as those affecting lease options. We can’t afford to make that mistake again. Strength in numbers is our best defense.
Why Unify? Lawmakers need to see us as a community committed to ethical practices and compliance. We must show that we’re not only business-savvy but also dedicated to consumer well-being.
Key Players Leading the Charge
Here are some of the critical figures working tirelessly for our cause:
- Eddie Speed: A cornerstone in the business since 1980.
- Scott Horn: An attorney specializing in seller financing.
- Cory Thompson: Works extensively in rural communities.
- Kristin Giers: A notable figure in note purchasing and sales.
- Tang Win: Joined the industry in 2016 and has built a massive portfolio.
- Daniel Klein and Sean McQuinn: Both have helped thousands achieve homeownership.
Proposed Legislation Concerns
Wrap Mortgages New legislation will significantly limit the types of properties and situations where wrap mortgages can be used. This is a direct threat to many of our business models.
Loan Servicing Requirements A proposed law will require financial standards akin to those of banks for loan servicers. This could put smaller, specialized servicers out of business, affecting service quality for our clients.
Third-Party Residential Mortgage Loan Originators (RMLOs) Currently, third-party RMLOs operate under an exception in guidance language. We must secure a specific law to allow them to continue serving our industry.
Consumer Protection is Paramount
Protecting the Consumer The lawmakers are not our enemies; they aim to protect consumers. We support these efforts but want to ensure they understand the full scope of our industry’s impact.
Weeding Out Bad Actors We agree that the industry needs to be rid of bad actors. Ethical business practices benefit us all.
How You Can Help
Attend the Texas Home and Mortgage Symposium March 5th and 6th – Mark your calendars. We need a massive turnout to show our unity and strength. Lawmakers and regulators will be present, and it’s our chance to present a unified voice.
Join the Texas 100 This is a lobby effort for larger operators. A commitment of $1,000 a year for three years will help us keep our seat at the table. Smaller contributions are also welcome.
Spread the Word Tag others in the industry on social media. Share this information with investment clubs and anyone who might be affected. The more people aware, the stronger our collective voice.
Prepare for Coordinated Communication We’ll provide pre-written statements and talking points for outreach to lawmakers. We need everyone on the same page for maximum impact.
Why This Matters to All Investors
Impact on Various Strategies Whether you’re into wholesaling, flipping, or creative financing, this legislation will affect you. We need to protect our ability to help consumers achieve homeownership.
Long-term Unity Setting up a unified voice now will benefit us in future legislative sessions. Today’s fight sets the precedent for tomorrow’s battles.
The Rural Impact
Significance in Rural Areas Most of Texas is rural. Limited financing options mean seller financing is crucial for many consumers. Removing this option would hurt countless families.
Importance of Seller Financing Seller financing allows people in rural areas to own homes they otherwise couldn’t afford. This is a vital service that must be preserved.
Note Servicing and Customer Experience
Specialized Service Big banks often don’t want to service our loans, lacking the specialized knowledge needed. Smaller, specialized loan servicers provide the best service for our clients.
Real Estate Agent Involvement
Educating Agents Real estate agents need to understand seller financing to help clients who can’t secure traditional loans. Realtor associations should support these efforts.
Spread Awareness Fast We live in a time where information can spread like wildfire. Use social media to unify our voice and drive change.
Leverage Platforms Platforms like Facebook and YouTube can help us reach thousands quickly. Use every tool at your disposal to spread the word.
Conclusion
Our industry is at a pivotal moment, facing legislative changes that could profoundly impact our businesses and the consumers we serve. By uniting under the guidance of leaders like Eddie Speed and Scott Horn, we can present a formidable front to lawmakers, demonstrating our commitment to ethical practices and consumer well-being. It’s essential that we all play a part—whether by attending the Texas Home and Mortgage Symposium, joining the Texas 100, spreading the word, or preparing coordinated communication.
Together, we can protect and enhance our industry, ensuring we continue to help people achieve their dream of homeownership. Let’s seize this moment to make a difference. Thank you for your dedication, and see you at the symposium.
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