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Trump administration aims to strip power from CFPB

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Mortgage Professional America | 28 Feb 2017, 09:44 AM Agree 0
Treasury Secretary Steve Mnuchin says the administration is considering a proposal to eliminate some of the CFPB’s power, as well as giving Congress power over the agency’s budget
  • bye felisha | | 28 Feb 2017, 12:05 PM Agree 1
    Send the scumbag Cordray packing and shut down the renegade agency.
  • J. Garcia | | 28 Feb 2017, 12:51 PM Agree 1
    Protect the consumer, the children, seniors, climate, blacks, gays, unbelievers, illegals...etc. Amazing how many politicians do many things to promote and advance their own personal agenda/interest in the name of all the different social (tagged) groups or the " less fortunate" according to their label. They just continue insulting society's intelligence thinking one does not realize & those who don't, are just being used & taken advantage of their lack of information or knowledge. SAD! We do know they are protecting their inside guy for their benefit. They are great at this. Another thing they have been great at is separating people into all these groups ( and they condemned segregation? ). If they are such protectors they should look into sponsoring and helping someone into their homes or life from any of the above segments. There is a lot of choice, go for it and show how much you care!
  • B Bell | | 28 Feb 2017, 04:05 PM Agree 0
    Get rid of Cordray. Stop taking party lines...work together to make good changes for America. Trump get's it.
  • Johnny Lawless | | 28 Feb 2017, 04:57 PM Agree 0
    Funny how Hensarling screamed and stomped his feet that having a single Director was unconstitutional. But now, with the prospect of having a single Republican business scoundrel Director that can say with a straight face that arbitration clauses benefit consumers, now all the sudden a single Director is just fine with Republicans. Ha! What hypocrites! No principles. Just whatever they can do to screw the little guy as usual. Eliminate the supervision of financial institutions? Brilliant, what could go wrong?
  • Alyce Burgess/Essential Mortgage/Astoria, Oregon | | 28 Feb 2017, 09:20 PM Agree 1
    I have been in Mortgage Lending in one capacity or the other for almost 50 years now. For the last 24 years I have co-owned my own small (non-commissioned) Brokerage in Astoria, Oregon. Prior to that I was the Chief Underwriter and Quality Control Supervisor for the second largest lender (origination and servicing) for over seven years. I wrote and taught most (either on a guest or honorarium basis stand up courses and correspondence courses on processing, underwriting, appraisal review and quality control for the MBA "Mortgage Bankers Association of America" for about five years at the same time working for the large mortgage banker. I witnessed the first Regulation Z/TILA courses in 1968, the enactment of the GFE "Good Faith Estimate" in 1976 and those were well thought out effective tools for both the consumer and the Loan Officer/Lender being accountable for all the fees in connection with the mortgage. Unfortunately there were Loan Officer that could and would use the "Bait & Switch" tactic to raise rates, obtain higher commissions, etc., but for those of us who chose not to use commissioned mortgage officers and refused to do sub-prime mortgages we suffered as well. Now we are stuck with forms that not only do not make any sense to the consumer, but do not make any sense to us as well. We need to go back to the basics. Get rid of Dodd/Frank and the CFPB as I have tried to register complaints with them on behalf of consumers and they do not respond to the consumer. They seem to have their own agenda and make up rules as they go along. We (mortgage origination personnel) need good forms exactly like the old Good Faith Estimate that broke down all fees the consumer would have to pay. This form matched more closely the HUD-1 (Final Settlement Statement) given the borrower at closing. Now we have this crazy form called an LE "Loan Estimate" which doesn't even resemble the forms the borrowers get at closing the CD "Closing Disclosure". On the LE fees are lumped together and on the final CD they are broken down. There is no way that any consumer can compare the form they signed up front (the LE) with the form given at closing (the CD) and compare and make sense between the two forms. Now HUD with the advent of Dodd/Frank combined both the GFE and the Regulation "Z" form together and there is no way using this form that we can inform our borrowers how the APR for Regulation Z is calculated. With the original Reg Z form known as the Truth In Lending Act Form (TILA) we had a separate itemization to show the borrower what was included to calculate the APR. Now we have nothing. It is embarrassing at best. The other thing that needs to be dismantled is the HVCC. We have been dealing with this appraisal issue since May, 2009. It is proven with reports issued by Lexus Nexus for the MBA that since the feds came out with the HVCC "Home Valuation Code of Conduct" that there are more errors on appraisal reports and more fraud then there was when a local lender knew who to order appraisals from. Now we have a new business that the feds created called "Appraisal Management Companies" that do a horrible job of policing their appraisers and all they care about is obtaining the lowest bid/fee to do an appraisal so they can keep a large spread of the appraisal fee. If we ordered appraisals direct in our community it would cost the consumer between $600 and $650. Now the cheapest appraisal fees we have see are $850.00. Once again, the consumer is suffering paying higher fees for appraisals than necessary and this new rogue industry came into being and they "AMC"s are nonessential to our world. We need to take a group of experts (people with a lot of experience in this industry and dealing with mortgage clients) to help go back to reality so that we can 1) Provide a detailed list of all fees itemized for the consumer and 2) Provide the consumer with a form where we can explain how the APR is calculated. This is one of the first times in my career where I am embarrassed by the forms and guidelines the feds via their various agencies have come up with. Enough is enough.
  • Sammy | | 01 Mar 2017, 07:27 AM Agree 0
    Cordray has to be fired. He has violated at least 6 major federal laws.

    Illegal use of private servers and cell phones. Same laws Clinton violated.
    Contempt of Congress for hiding files after being subpoenaed.
    Racial discrimination laws when hiring.
    Fraud--and the repeated use false information and fake studies to justify questionable actions.
    Multiple violations of federal bankruptcy law and automatic stay violations.
    False statements to lawmakers and law enforcement, dozens of times (read the whistleblower statement against Cordray by Ron Rubin former CFPB employee.
  • Mortprocerca1992 | | 03 Mar 2017, 08:19 PM Agree 0
    America makes you think your opinion matters but it doesn't. Anything and everything the government does, is only for itself. If your not a millionaire or in bed with a politician than getting rid of Cordray will not make a difference for you. Trump is now a poppet just like Obama and bush before him and Clinton before him and so on. It's not easy to run this backwards law country. Who got punished when the mortgage industry crashed only the brokers. The banks are still breaking rules. The only thing they need to do is register with NMLS which is bull. WE NEED to be regulated but it should be fair across the board, instead only the big banks get a break. So some stupid investor comes up with an idea to do a hedge fund mortgage qualifying people with no income, no assets no credit scores but the little brokers get punished. What do you expect if the only thing you needed was a pulse do a mortgage mortgage. Also, the agents are still doing scrupulous deals. They need to be regulated next. If you worked hard to be licensed then don't forget to go after those who screwed up your industry. Our government needs to be regulated for tampering with Steagall.
  • | | 03 Mar 2017, 08:22 PM Agree 0
    I like the new forms better. They are easier to explain to the borrower and I have had no problems explaining between the LE and the CD. All of our fees are separated out.
  • sbharkness | | 05 Mar 2017, 01:12 PM Agree 1
    Who ever the joker was that said they like the new forms better...this has to be a plant. I am glad you have NO PROBLEMS explaining the LE and the CD. The intention of these forms was to make it easier for the consumer. The old fashion Good Faith Estimate that had each charge broken out on a line by line basis of what it was and how much the Loan Officer estimated it to be was easy to read for the borrowers. These new disasters called LE's & CD's confuse the heck out of the consumer (remember, this is all about the consumer, NOT YOU, the mortgage officer).

    And, I unlike you have NO PROBLEMS signing my name to my posts.
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