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House committee set to grill CFPB head over alleged abuses

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Mortgage Professional America | 10 Mar 2016, 10:11 AM Agree 0
CFPB Director Richard Cordray will face questions from the House Financial Services Committee about whether the agency's actions are harming consumers
  • | | 10 Mar 2016, 11:54 AM Agree 0
    Of course they are harming the consumer. What a ridiculous statement.
  • Steve | | 10 Mar 2016, 12:05 PM Agree 0
    TRID is the most ridiculous rule regarding Mortgages. It makes the mortgage take way longer to fund then it should and makes the Borrower actually spend more money as well. . There are also a lot more I can say but I will just leave it at that.
  • Lucas- | | 10 Mar 2016, 12:26 PM Agree 0
    It would seem that there is an agenda to bring mortgage lending under the government umbrella. Because of the actions of the CFPB many of the major banks and even some smaller banks are seriously considering pulling back or even closing their mortgage operations completely because lending in todays environment is taking on more liability than its worth. I can't see how that is a "positive" for the consumer. God forbid the government regulate the players off the field and then try to fill the gap themselves!
    I do believe that many of the recent changes in the last few years were needed and far overdue. The CFPB must be held accountable and must not be allowed to scare good businesses out of the game. It should be that a company should be breaking rules to be penalized.
  • | | 10 Mar 2016, 12:45 PM Agree 0
    Keep voting for Democrat's folks. You asked for it!!
  • Terry | | 10 Mar 2016, 12:57 PM Agree 0
    TRID, without a doubt, is it seriously the dumbest thing they have ever done. It has led to so much confusion with the consumer, they simply do not understand the forms and so bombarded with disclosures with every move forward in the process, it is weighing them down tremendously.The way that things are required to be disclosed for a purchase is so ridiculous, especially the title work. It is so confusing to the clients, more so now than ever. The CFPB has all lenders walking on eggshells for fear that they are going to do something wrong, which is just not right. There is no two moles, it feels like we are in such a small box we can't even turn around. Most of us are not in the league where the fraudulent lenders are, we follow that rules and regulations as we have been all along, yet we are burdened severely by all of this. It is taking a toll on our clients and also taking a toll on lenders. So much extra time explaining all of this to the clients, and following up on all of the disclosures that have to be done now. Not to mention how much it is costing the lenders which of course then costs to consumers in the end. They sure did not think this through, and it is very obvious that whoever put together the mortgage estimate and closing disclosure doesn't know what they are doing.
  • | | 10 Mar 2016, 12:59 PM Agree 0
    You got that right!
  • Jolyn | | 10 Mar 2016, 01:59 PM Agree 0
    Where the power has gone to the CFPB's head is the potential fining of banks for something as idiotic as not typing the name of a mortgage program in a specific order. If you were to type 30 year fixed rate, instead of 30 yr you can be fined.
  • Bill | | 23 Mar 2016, 02:27 PM Agree 0
    It is time to hold the government accountable for all of the decisions that have been made that adversely affect consumers and businesses alike, for no reason other than political favors and payback to special interest groups. The government creates problems and then swoops in after the fact and blames and fines the businesses that followed the guidelines that the government established. Money and power are the only thing that seems to matter to today's politicians and government appointees.
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