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New CFPB Complaint Report Shows Mortgage Brokers Are the Best Originators

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Mortgage Professional America | 03 Apr 2013, 01:27 PM Agree 0
The National Association of Mortgage Brokers (NAMB) has come out in support of the Consumer Financial Protection Bureau’s (CFPB) release of the Consumer Complaint Database, a public database of federal consumer financial complaints, containing more than 90,000 individual complaints on financial products and services. One of NAMB's core beliefs is the protection of consumers and their rights to fair and equal credit as it pertains to the residential mortgage market. It is NAMB’s belief that the CFPB’s Consumer Complaint Database will assist consumers in identifying reputable and efficient sources for obtaining credit needed to purchase a home in today's heavily regulated market.
  • Marc Savitt | | 04 Apr 2013, 10:07 AM Agree 0
    Supporting this database is dangerous and wrong. Here's a direct quote from the CFPB Press Release: "Importantly, while the allegations in the complaint are not verified, a commercial relationship between the consumer and the company is substantiated before the complaint is added to the database." BUT the complaint itself is NOT verified!! While the numbers are good for brokers today, they will be increasing with our market share. Almost everyone in DC expressed concerns about releasing unverified information. Even one unverified "complaint" about a broker could be used against them by competition or trigger an audit by a state regulator. Publicly or privately supporting this database was a mistake.
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