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Beware CFPB ‘mystery shoppers’

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Mortgage Professional America | 08 Nov 2016, 01:49 PM Agree 0
Despite controversy over their use, the CFPB is reportedly employing ‘mystery shoppers’ to make sure lenders are sticking to compliance rules
  • BVG | | 08 Nov 2016, 02:16 PM Agree 0
    I have yet to see, on any pricing engine, a box that asks for applicants race or ethnicity.
  • MKR | | 08 Nov 2016, 02:31 PM Agree 0
    Nor I.
  • Anonymous | | 08 Nov 2016, 02:33 PM Agree 0
    Exactly. If you don't have the credit or income to meet the requirements, you will be denied regardless of skin color. If you have a dozen family members all living with you but they only pay you cash, you can't claim the income for qualifying no matter what your skin color is. The rules are the rules, and they are color blind.
  • GS | | 08 Nov 2016, 03:35 PM Agree 0
    You guys missed the key statement in the story - not just rate and fees, but "treated worse".

    Did I forget to offer one couple a bottle of water?
    Did I say "have a nice day" to one couple and not the other?
    Did I not share the same fishing story to one couple and not the other?

    Face it if they feel you need to pay for your sins they will find a cross for you.
  • Carlo S. | | 08 Nov 2016, 05:57 PM Agree 0
  • Mortgage Broker | | 10 Nov 2016, 04:28 PM Agree 0
    Are these mystery shoppers paying for the credit reports and other costs they are running up for small businesses that don't charge an application fee? If not, that sounds illegal. A business could send 1,000 non-qualifying prospective customers to apply with a competitor and cost the competitor thousands of dollars and put the competitor out of business. It's the same but on a different scale.
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