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An eye on future regulation

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Mortgage Professional America | 11 Dec 2015, 06:30 AM Agree 0
Originators may not be out of the regulatory woods just yet, according to one industry veteran who expects further CFPB tinkering next year
  • | | 11 Dec 2015, 01:06 PM Agree 0
    Go after the sleazy marketing agreements that only pad the Real estate broker and the mortgage companies pocket book. Meanwhile the borrower has no idea how much they are getting screwed by paying higher rates
  • mlo | | 11 Dec 2015, 02:59 PM Agree 0
    CFPB needs to be dissolved .. they have made nothing but a mess of the whole mortgage process .. their brilliant TRID is a total disaster .. and only costs the consumer more money and anguish. If the CFPB were to go after anyone then go after the big 4 .. they were the consultants on creating this and it is clear that the design was to choke out the mortgage broker.. the very ones that have prove to be beneficial to the consumer by consistently saving them money .. it is the big banks that are taking advantage .. get a clue .. why is it that the new TRID rules were written that only the mortgage broker has to disclose what he is making on the final Closing Disclosure whereas the banks do not ? how is that level playing field ? .. why would the CFPB state that they are creating a level playing field but in reality serve the banks ? makes on wonder what collaboration is going on behind the scenes.

    I have been in the lending industry for some 28 years and it is an incredible joke that the smart minds can only come up with a convoluted mess as a reactive approach to something that took place a decade ago


  • WEH | | 16 Dec 2015, 05:35 PM Agree 0
    This is not a good prediction for anyone in the mortgage industry…especially mortgage originators. My only comment to the brokers and lenders originating mortgages is to get your house in order now and not later. It will cost you far less to do it now than to wait and you are told you can’t close a mortgage because of something that you didn’t know or ever thought to find out about. Many originators are truly handing by a thread, because they do not believe that they will ever get caught for not having their house in order. Whether you are small or large…it doesn’t matter. If you are a wholesale lender…get your house in order with how you are managing your brokers that’s providing mortgages for you to fund. Wholesale lenders…are you requiring your brokers to have a complete quality control plan in place with monthly QC reviews and reports. Policies and procedures with and written AML plan in place with training. Is your MCR reporting correct and on the money with precise data reporting for both brokers and lenders to the NMLS registry? I could go on and on with more good stuff. But take heed to what attorney Marc Israel is saying. The CFPB has been putting out small hints over the past three years, but no one is taking them seriously. This is what I believe…STOP…and take a look at your mortgage operation and if it’s not what it should be…clean it up…and do it now rather than later.
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