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CFPB releases QM fact vs. fiction guide

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Mortgage Professional America | 07 Jan 2014, 05:01 AM Agree 0
The Consumer Financial Protection Bureau has released a “fact vs. fiction guide” about new mortgage rules set to take effect Jan. 10
  • Mike Beerling | | 07 Jan 2014, 09:11 AM Agree 0
    Yes, it wont negativly affect the consumer..... Sounds like the promise if you like your insurance plan you have you wont loose it. Another round of lies and misleading information from a government agency......
  • being human | | 07 Jan 2014, 09:22 AM Agree 0
    Bankers are like Roaches. They will survive no matter what poison is thrown at them. Its the public that you should worry about.
  • Marcus | | 07 Jan 2014, 09:52 AM Agree 0
    The wholesale channel's use of fees-in, fees-out is an unnecessary shell game. Regardless, we should have a pretty good idea of the net effect of the QM rules by spring, just in time for the election season.
  • Jeff | | 07 Jan 2014, 10:34 AM Agree 0
    My recommendation is to trash QM & ATR as I see little benefit and a lot of detriment, not to mention discrimination. In addition throw out MLO licensing as it is all about fees. The classes are stupid: 1. Don't break the law. 2. Don't discriminate. 3. Don't do high cost mortgages. = Class over! Oh yea, I want my 2009 GFE back as the 2010 GFE is a joke. Now ask me how I really feel LMFAO! The only law that has past since 2007 that has some merit is appraisal management.
  • JLM | | 07 Jan 2014, 03:32 PM Agree 0
    Let's get real .. this is all about the big banks squeezing out the smaller brokerage. They do not have to follow the same rules as the broker. especially when it comes to disclosing SRP which exactly the same as the broker YSP. I have been in the industry for 25 years and can say that the 3% comp rule is an absolute joke .. I have attended countless webinars on the new QM plan .. and over and over again I hear these lenders state that almost all of their brokers do not exceed 2-2.5% on the lender comp plans. So there is not need for the 3% rule since non of us are exceeding that. it makes you sick that this is nothing short of pure discrimination .. brokers are the minority being blamed, ridiculed and harmed by this whole political joke
  • Jeff | | 07 Jan 2014, 03:59 PM Agree 0
    Brokers were the easy scape goat for the true idiots that blew up the market in 2007 - Fannie Mae whose guidelines underwrote for the majority of the mortgages in the US with DU approving DTI's up to 70%. Now the big banks have all the lobbying power in the political scene and they are trying to kill off the broker industry. They will continue to enjoy their SRP while our YSP is capped. Many of them are not even required to license their MLO's. Talk about political favoritism. The wholesale lenders have not stood up for the broker as they will make out big with the compensation lower for the brokers. Whose pocket do you think the money from brokers being capped will go into - not the consumers.
  • BML | | 07 Jan 2014, 05:48 PM Agree 0
    I hear "mortgage originatiors," "brokers," etc. but not once have I heard "underwriters." Everyone wanted to place blame on whomever originated the mortgage but for some odd reason, they have totally absolved UNDERWRITERS from any responsibility. I'm sorry but didn't the underwriters go over the file with a fine-tooth comb and APPROVE the mortgages? Geeez. Certainly brokers had in-house underwriters but none-the-less, mortgage officers DID NOT have the final say. Additionally, I totally agree that the banks and lenders are trying to push the brokers out. Just as attorneys are, as they have been for years, trying to push the settlement agencies out. It's all about greed and has absolutely nothing to do with advocating for the consumer.
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