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CFPB is doing a good job overall -- government watchdog

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Mortgage Professional America | 07 Oct 2014, 02:23 PM Agree 0
A government watchdog agency says the CFPB is doing a good job overall. What do you think?
  • AH | | 07 Oct 2014, 02:36 PM Agree 0
    WHAT a Joke
  • Brok1998 | | 07 Oct 2014, 02:52 PM Agree 0
    I second that. This is a total joke. Everyday we read another headline about the CFPB a going after a lender, enforcing their "opinion" rather than following clear cut guidelines. Then they offer huge settlements to the affected business, not enough to completely put someone out of business, but enough to seriously jeopardize existing jobs and almost certainly ruining the chances of any new job creation. If you don't accept their terms, you're out of business. Oh and the rampant accusations of discrimination at the CFPB? Who is going to issue the Consent Order to the CFPB?
  • | | 07 Oct 2014, 02:53 PM Agree 0
    If the CFPB's goal is to create a monopoly with all the big banks, eliminate the small mortgage bankers, correspondent lenders; they are doing a terrific job!!!! If their goal was to complicate the process for the consumer, increase pricing to the consumer, frustrate the consumer with all the delays for frivolous compliance issues; they are again fantastic at their jobs!!
  • GARY | | 07 Oct 2014, 03:13 PM Agree 0
    Dodd, Frank and the monkeys in Washington have and always been clueless. I seem to remember OB wanting to hurt the brokers because they did bad business. OLD NEWS. He drove many good brokers under the blanket of a banker so they could still play games with the public with respect to YSP or buyer credit. Call it what you want oh yes" servicing premium. The credit Unions still have their own rules. Numerous times I have had to intervene on the part of the consumer to obtain information wrongfully reported. Many times their fees are improperly disclosed. On the positive note the worse their business practices the better my business gets. Consumers appreciate education. The one getting hurt are those looking for mortgages under 100k. Many of these need assistance cleaning up their credit and there is an infinite amount of time invested to help them. Cost is enormous so we basically tell them to call their Congressman or representative and tell them they need the broker language and the QM changed and or amended. Think it will ever happen? Of course not. Lets just work on the eviction at the White House by replacing reps with Republicans. maybe same mold but cannot ever be worse than the one who fails to protect our borders and brings in Disease from other countries. Tells us the insurance is "no cost" (yes to those that walked across the border and infected our schools). To say nothing of controlling appraisals and telling the consumer the 100% increase is for their protection. MALARKY. IMPEACH. IMPEACH, IMPEACH!!. At the end of the year I will have a countdown on our LED as to how many days left of TIRANY.
  • ScottPrevett | | 07 Oct 2014, 03:16 PM Agree 0
    So the government is asked whether the government is guilty of any wrongdoing. The government responds that it doesn't know, and will investigate the government to determine whether the government did anything wrong, because of course the government never does anything wrong, and if they ever did, the government would get right on that and go after them.
    So the government then spends lots and lots of money that doesn't belong to the government to see if the government did naughty things, but that of course didn't happen. Remember up above where I said the government never does anything wrong?
  • RMC | | 07 Oct 2014, 03:30 PM Agree 0
    I know for a fact that they are doing a great Job on the larger wholesale lenders assessing fines and enforcing new 2010 regulations on mortgages originated and serviced starting in 2008 (sarcastic). This is causing small Mortgage shops that have practiced QM procedures for over 15 years unwarranted stress and cost imposed by their correspondent. Then guess who pays the final tab "the borrower(s)". The pendulum must be brought back to the middle and responsible lenders need to report any of the fly by night brokers lenders immediately through the proper channels and take them out of the market. The small shops are sometimes family operated and whole families' are being decimated by the frank/dodd regs. specifically, the cost to comply. I just heard that Bernake was unable to refinance. When does common sense start.
  • fomrerlo | | 07 Oct 2014, 04:43 PM Agree 0
    They have made the process more difficult , more regulated than ever before under the premise of helping to protect the consumer, instead as in all government edicts it does just the opposite
  • fomrerlo | | 07 Oct 2014, 04:43 PM Agree 0
    They have made the process more difficult , more regulated than ever before under the premise of helping to protect the consumer, instead as in all government edicts it does just the opposite
  • Marveling at ignorance | | 07 Oct 2014, 04:55 PM Agree 0
    #are you f*****g kidding?
    They're extortionists. Funding their exhorbantly over-budget office on the backs of labor, in the name of consumer protection. Who the hell do you think pays the price? Screw 'em!
    The consumers are taking it in the backside so should lil' Dick and his entourage of failed overpriced regulators.
  • | | 07 Oct 2014, 05:47 PM Agree 0
    They now need to start paying attention to the appraisal management companies. The rules have allowed these companies to charge additional fees thus increasing consumer costs, hold lenders hostage to the fees and have increased time frames for closings-all to protect the consumer.
  • Shocked | | 08 Oct 2014, 12:14 PM Agree 0
    So the "internal" investigation resulted in the finding that "we" are doing a great job? What a BIG surprise. This article makes it appear to be an some kind of external independent investigation, which it wasn't. This is the typical type of propaganda we get fed constantly from our oligopoly government controlled media. When an appointed official or more accurately an appointed dictator to the head of a private company has the power to make any law they want at their own discretion any time they want, we are not living in a place where principles like democracy are anything more than an a weak illusion.
  • Chris Probert | | 08 Oct 2014, 02:11 PM Agree 0
    Is he serious with this article... I would estimate that about 30% of the lenders I come across are in some sort of comp/point bank violation and/or have blatant disregard for fair lending laws....
  • Griff | | 09 Oct 2014, 08:28 AM Agree 0
    All these posts are on the money! Reading the posts by "I", those could have been posted by ME. They illustrate my life as mortgage broker. I am living in appraisal he$$ again with an AMC who has taken six weeks to deliver and explain an appraisal that was ordered in August. Now I'm told they will be another week to get the review appraisal in, then of course the lender will need a week and when it is all said and done it may just be a pile of crap and a borrower who waited months to close can't. There is no way an AMC in Michigan, Chicago, Atlanta, Florida, can pick the best, most trusted appraiser in KY. They are nothing but gravy trains, many for the banks.
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