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Fed: CFPB rules causing banks to cut back on lending

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Mortgage Professional America | 06 Aug 2014, 08:22 AM Agree 0
A substantial percentage of banks have seen significant cuts in their approval rates because of CFPB rules, according to a new report by the Fed
  • | | 06 Aug 2014, 09:37 AM Agree 0
    Yeah that's why these large banks cuts thousands of mortgage related jobs. I don't know if the CFPB paid them off to make them look good or what.
  • Wayne | | 06 Aug 2014, 10:13 AM Agree 0
    Wow, how enlightening! Who would have thought that 2700 pages of regulations written by a bunch of lawyers (politicians) in DC would slow down mortgage origination?
  • perfparjer | | 06 Aug 2014, 12:44 PM Agree 0
    Perhaps if we are lucky, after the mid-term elections, Congress can repeal Dodd/Frank and re-instate Glass/Steagall. Yeah right!?!?
  • Gordon Schlicke | | 06 Aug 2014, 01:16 PM Agree 0
    When enough contributors to re-election campaign committees complain, Congress will hold hearings, collect horror stories, propose legislation, publish for comment, pass legislation, and hand it to Regulators. They will study the matter for a year or two and then publish a "new" set of guidelines first. After a year of seeing how the guidelines work, new rules will be written, published for comment, and finalized by bureaucrats who announce the new rules by saying "These changes will help all consumers understand and obtain mortgage mortgages that have been denied by lenders." This takes approximately three to five years.
  • Viva la Revolucion | | 06 Aug 2014, 08:05 PM Agree 0
    Not to mention an unconstitutionally appointed directed. Congress has single digit approval ratings and nearly 100% re-election results. I wonder if the system is rigged?
  • test only | | 06 Aug 2014, 11:13 PM
    Deleted by moderator
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