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Will CFPB delay QM implementation? No way

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Mortgage Professional America | 21 Aug 2013, 04:39 AM Agree 0
CFPB director Richard Cordray has ruled out any possibility that lenders will be given more time to implement new regulations
  • Bruce | | 21 Aug 2013, 08:25 AM Agree 0
    Benefit to the consumer??? If the new regulations increase the cost to the lender and therefore passed to the consumer, how does this benefit the consumer?
  • Andy Levin | | 21 Aug 2013, 09:16 AM Agree 0
    Why don't the regulators make the banks play by the same rules as mortgage brokers? Banks are still allowed to hide their ysp from borrowers in their disclosures. Where is the benefit to consumer's in this scenario. I fully support new disclosure rules that broker's must adhere to. Time to make the bankers play by the same rules.
  • jane alexander | | 21 Aug 2013, 09:18 AM Agree 0
    Take a lie and true it into a truth and make the general public believe it is a trait that is governing America.
  • David Leahey | | 21 Aug 2013, 09:23 AM Agree 0
    the fact that I have to disclose my income to a borrower as a broker and might be put out of business to go to work for a lender/banker that doesn't have to disclose that to the same borrower makes me, excuse me, confirms that my regulating government are a bunch of idiots. Time to be a banker I guess. 2 bad I'd rather look you in the eye and tell you how much I'm making on you than hiding it. Shear stupidity on the part of regulators and government. But, when in Rome.......
  • JCRussell | | 21 Aug 2013, 09:26 AM Agree 0
    Benefit to consumer? Check back this time next year with that consumer with the $40,000 mortgage request.....
  • Roy | | 21 Aug 2013, 09:30 AM Agree 0
    Nevermind the fact that Raj date had a hand in setting the rules and then starts a company to help those that do not fit in the CPFB QM box. What a freaking joke!
  • Bob | | 21 Aug 2013, 09:43 AM Agree 0
    When the real estate market craters again because fewer people will either be able to afford or qualify for a mortgage, then NAR will be sufficiently motivated to pressure Congress for a repeal of QM. What a total scam.
  • J. Dana DiVecchio | | 21 Aug 2013, 09:45 AM Agree 0
    As our finest 'recent' ex-president made famous "I'm from the government, I'm here to help you"...YUP....scariest words ever spoken! 2 bad the people governing us don't know the first thing about how our business runs - except of course Raj - HE knew what HE was doing!!!!
  • Curtis Jackson | | 21 Aug 2013, 09:47 AM Agree 0
    I just wish they would quit selling this as a "benefit to the borrower". I wonder how the CFPB would feel if someone came to them and started dictating and limiting their ability to earn a wage and labeling it a "benefit" to someone?
  • Michael G. Burroughs | | 21 Aug 2013, 10:05 AM Agree 0
    I have been originating mortagge mortgages for 48 years. Back then we had 15,000 banks. Today., less tha 7,000. The direction we are headed seems to be that all banks will be Nationalized by our goverment and then who will protect the consumer? The Government? I think not. Free enterprise allocates resourses, the governemt only redistributes wealth. What our leaders will do and have done will have unintended consequences.
    Political change will come but history shows that neither Party have been good stewards.
  • Ed Standifer | | 21 Aug 2013, 10:10 AM Agree 0
    "Benefit to consumer".... What a joke!! Every time the government makes things better and benefits the consumers costs go up. Appraisals now cost $450-$800 depending on the amount of recerts and "final certifications". This is a far cry from $250-$350 before the AMC's came into play and decided to take $100-$200 for generating an order. Good luck to anyone looking for a mortgage under $100k. Good job on helping consumers and driving good brokers to go to work for banks. Atleast the banks got what they are wanting....As usual!
  • HBrown0119 | | 21 Aug 2013, 10:28 AM Agree 0
    banks do have to adhere to the QM ruling of 3% as well as all other CFPB requirements, they just do not have to adhere to the "YSP" disclsoure. Which has always been the case since the inception of credit lending. So technically, yes they will still make more.....as always however, pending ruling states balloon mortgages and reverse mortgages are now under the "NEW" QM revisions. Therefore, Bankers with "BANK" mortgages have to disclose just as we do to be compliant under the regulation. WOW, can u imagine trying to catch up with REGS from 2010 that have not been applicable to them??? BAHAHAHAHAHAHAHAHA!
  • Joel Austin | | 21 Aug 2013, 11:21 AM Agree 0
    Why does CFPB not protect the borrower by having banks disclose the same as everyone else. Let thm live up to their name and protect the borrower. I know banks have a strong lobby but let's do what is right.
  • james | | 21 Aug 2013, 12:48 PM Agree 0
    there will always exist discrimination against the mortgage broker and the favoritism towards the banks ... the banks have the money and the politicians ... you will never see the banks disclose the same as a mortgage broker ... the banks are getting their way with 'level playing field" by making the mortgage broker drown himself with meaningless disclosures and compliance procedures. all of this is designed to choke out the mortgage broker and it is happening. The QM 3% rule will cause many mortgage brokers to have to close their doors. The banks will celebrate since the can monopolize the industry.. end result the consumer will pay more for lending costs than they have ever experienced.
  • john h p hudson | | 21 Aug 2013, 03:16 PM Agree 0
    I'm still looking for the consumer benefit of the QM here...
  • Bruce C. | | 22 Aug 2013, 06:02 AM Agree 0
    Benefits the consumer like: $3.60 gallon of gas and $5.00 box of cereal and $50,000 year of College Ed., $30.00 box of 9 mm ammo, $220. monthly cable bill and $600. electric bill, YOU KNOW those kinds of benefits.
  • Jud | | 27 Aug 2013, 11:52 PM Agree 0
    Regulation and the restrictions of QM will only cause higher fees and rates to the consumer. Buyers need to buy now before January hits this coming year when this whole QM takes hold. Rates are going up and if our government continues to interfere with a very strong self recovery industry as the mortgage world is today, then consumer fees go up because of the added costs to originate a mortgage from such regulation.
  • Gordon Schlicke | | 30 Aug 2013, 12:05 PM Agree 0
    Government is doing what we could have done years ago: Weed out profiteers by making entry difficult; lobby for government sanction allowing us total control of licensing; require tough continuing education; demand adherence to a tough code of ethics; and appointing a national board with real oversight power. The more one has to invest in time and money to be a mortgage broker the the higher the standard of care will be.
  • Ronald Schmitz | | 23 Oct 2013, 02:30 PM Agree 0
    All of the dangerous irresponsible lending ended with the 2008 meltdown. The markets as always correct themselves. The mortgages originated post 2008 meltdown are among the best performing in mortgage industry history. Now CFPB mission seems to be to destroy the people they say they wanted to help. I don't think it is intensional but seems that they just don't know what they just don't know. After Real Estate goes into another meltdown due to lack of available credit the situation will have to be changed. It is a shame that they (OBAMA Admin.)hired such incompetence at the CFPB.
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