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CFPB to hold public closing forum

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Mortgage Professional America | 21 Apr 2014, 12:00 AM Agree 0
The forum will feature remarks by CFPB Director Richard Cordray
  • Stacey Johnson | | 21 Apr 2014, 04:40 PM Agree 0
    I've been originating hone mortgages now for over 12 years. This new Frank Dodd Act has to be the most unrealistic and most complicated thing I've seen from our elected officials. It is so complex and complicated that each lender reads it differently. You really want the banks to actually comply with these ridiculous rules. And on top of it all your going to hold the lenders liable even after complying to these rules . My opinion this has now gone to far. Do you want banks to continue writing homes mortgages for Fannie and Freddie then get your act together and make it realistic for all involved. You literally need a 4 year degree in home mortgage rules and guidelines to do this business. Came on and reduced it to the point that I can't even make a living anymore to do this job. It is a commission job and I make now less money and work twice as hard as I've very worked. There's going to be no mortgage mortgage originator out there to help buyers if something doesn't change soon!

    Stacey Johnson
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