Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

CFPB ‘limits consumers’ options’ – Shelby

Notify me of new replies via email
Mortgage Professional America | 08 Apr 2016, 07:34 AM Agree 0
The head of the Senate Banking Committee says the CFPB’s actions have made life more difficult for consumers
  • Griff | | 08 Apr 2016, 11:26 AM Agree 0
    Well the head of the senate banking committee is not wrong, but i wish Congress would stop whining and do something about it. I feel like they are just stirring the pot when they have the power to fix it. Repubs run both the house and senate, do something!

    And, btw, this dude has no idea how much the cfpb has made mortgage lending more difficult for borrowers to navigate. Are some of the problems deal breakers, no, but having folks wait days to close or get a slew of mortgage estimates and closing disclosures only to be followed lastly with a settlement sheet that does not even mirror the other two is just downright confusing to them.
  • | | 08 Apr 2016, 11:56 AM Agree 0
    CFPB is clearly a rogue agency, unsupervised. Answering to nobody.
    Should be abandoned.
    R Uhl
  • Rod M | | 08 Apr 2016, 02:07 PM Agree 0
    I think the mood is perfect to possibly get hr3393 passed soon. We'll be lobbying our state senators and representatives Tuesday after hearing Mondor speak on Monday. My first meeting is with Senator Shelby on Tuesday. I really like what he's been saying in the last 2 hearings I've watched. I believe our Alabama rep's in Washington understand and agree with us on industry issues.
  • KAS | | 09 Apr 2016, 03:46 PM Agree 0
    Buyers options are also limited because of the time retraints to move ahead. Once the buyer signs the 'intent to proceed', the mortgage broker LOS, and consumer can not continue to shop programs in the process because to change is time restraining and expensive.

    As a mortgage broker, I gave an estimate and with clients permission started the mortgage process; I did not have to do 3 other scenarios as a form of shopping for them (which by the way is totally meaningless- the consumers are not stupid), but I continued watching the rates with all my lenders on behalf on my clients! THAT IS WHY OUR CLIENTS CAME OUR WAY - BECAUSE WE HAD ACCESS TO MANY LENDERS AND THEY WERE NOT STUCK WITH THE BANK PRODUCTS ONLY!- NOW AS BROKERS IT IS A WASTE OF ENERGY AND LOGIC TO BE SIGNED UP WITH SO MANY LENDERS----SINCE WE CAN NOT SHOP THE WAY WE USE TO FOR THE CLIENT. I WORKED WITH A CORPORATION AND QUIT ---OPENED MY OWN BUSINESS SO I COULD SHOP FOR THE BEST DEAL FOR THE CLIENT! Thanks to CPFB the client's best interest is not being safeguarded in rate/ ter s and costs is not being.
  • Grt$4U | | 13 Apr 2016, 04:12 PM Agree 0
    As a mortgage broker, I don't see on way in which consumers are being restricted from access to credit. I get emails from nearly 100 mortgage lenders seeking me to broker mortgage files to them. Basically, they are offering money. Most consumers limit their "access to credit" because the have bad money management practices, and Consumer Financial Management course are not taught anywhere in American public schools. Richard Shelby is lying farce. As well, the former Gov of this state stated in emails (released as part of an ongoing investigation) that Shelby has "a shack down racket" were by he former staffers become lobbyist and "lobby" him on behalf of corporations and those corporations get funding allocations, and in turn those corporations make donations to his campaign fund.
Post a reply