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CFPB steps back from title insurance rule

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Mortgage Professional America | 22 Nov 2013, 12:00 AM Agree 0
The Consumer Financial Protection Bureau has backed down on a rule that would have wound title insurance into total costs listed on a mortgage form after industry pressure.
  • Bruce | | 22 Nov 2013, 08:31 AM Agree 0
    Hunt, president of the Consumer bankers Association, states "there should not be a different set of standards." I don't remember the banking association saying anything about the different standard regarding compensation differences between banker and broker. Nor have I heard of them stating anything about bankers getting licensed and going through all the testing precedures to get licensed. I guess they don't see a difference since it benefits the banks.
  • Jeff Hoge | | 22 Nov 2013, 08:50 AM Agree 0
    No difference for the small company. Good, then all banks, credit unions, and any other body both foreign and domestic should have all mortgage originators pass the NMLS and pay state fees, just like everybody else. Right?
  • George McGuire | | 22 Nov 2013, 09:48 AM Agree 0
    Bruce is correct and so is Mr. Hunt, either find a way for ALL lenders to disclose the net present value of all earnings on a mortgage so the compensation disclosures will be apples to apples or eliminate that from the disclosures and APR calculations. Thereafter you would have fair competition and simpler analysis for consumers - i.e. what are my monthly P&I and total interest costs. This would serve to correct the victimization of small brokers and lenders (who by the way are not major players in the housing collapse) and facilitate more competition to the consumer's benefit.
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