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Five hundred page mortgage apps? Readers sound off

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Mortgage Professional America | 28 Jan 2014, 07:07 AM Agree 0
Last week we talked to Brian Koss, executive vice president of Mortgage Network, about the industry’s growing frustration with the ever-expanding number of documents going into a typical mortgage application
  • Al Hensling | | 28 Jan 2014, 08:20 AM Agree 0
    Thank you Dodd Frank. The amount of required paperwork stems from the overly litigious environment that has been precipitated by Consumers "Gaming the System" when they decided that they did not want to live up to the obligation they agreed to repay.
  • Ruth Linn | | 28 Jan 2014, 08:30 AM Agree 0
    Unfortunately most of the business people involved have never known of a discipline called forms analysis. A good analyst determines the user first and works up; taking into account the humans and the machines required. Most borrowers do not have faxes and if they do they can barely use them and certainly not with legal length forms. Most of the forms are redundant or at the very least could be consolidated in a sane, easy to read and use manner. But it takes time, patience and the ability to work from the bottom up, which is just opposite of what the industry currently does.
  • B | | 28 Jan 2014, 08:34 AM Agree 0
    I fully agree with Bill. I too have spent over 27 yrs in the industry, sat in over 30 meetings with CFPB and I will emphatically state they are missing the point.

    Somehow, the concept of a disclosure form explain a concept or process to a consumer was mis-interperted by CFPB as a form of educating the consumer.

    Anyone with true industry experience, understands that the education of the consumer comes from the mortgage officers understanding and ability to convey the process and requirements of the mortgage application process.

    To date, I cannot find any Rule Writers at CFPB, who on their resume lists industry experience. This is the problem that cannot be resolved without CFPB's willingness. Go look at the CFPBs CAB, not a single person with mortgage mortgage origination experience.
  • aaron smith | | 28 Jan 2014, 08:34 AM Agree 0
    hey borrowers - you don't like the mortgage docs or length of application, don't take the mortgage.

    You are borrowing money and because so many people sued and tried tricks to not pay it back, etc... we are in the situation we are in because of borrowers mainly... every page is a lawsuit that had to be codified... don't blame the lawyers.
  • Tim | | 28 Jan 2014, 08:38 AM Agree 0
    I couldn't agree with Edward more! he hit the nail on the head! I have been originating for over ten years now and if I could do something to help change the laws regarding these docs I would do it in a second. It seems like calling your local legislatures doesn't help with any causes at all when your just one lowly voice. Even the bigger mortgage groups do not seem to be able to get anything done in Washington. Any suggestions we could do to help change this would be a great help.
  • david i | | 28 Jan 2014, 09:02 AM Agree 0
    idiots like frank and dodd will stop our industry like a brick wall...there is no need for this type of paperwork that damages all aspects of trying to be the advocate for the consumer is this misguided attempt to protect

    attorneys and their political agenda need to be stopped, revised to simplify and to not be involved in our industry unless they have experience in our field
  • Bob VG | | 28 Jan 2014, 09:14 AM Agree 0
    Brokers/TPO's /Correspondents can't play with the Big Boys- (banks). The banks have the politicians in their pockets (via campaign donations/lobbyists...board members?)
    Brokers/TPO's/Correspondents still have the ability to deliver better rates and fee structures than the Banks. Play on your strengths.(even with the bloated paperwork)
  • Marilyn Porter | | 28 Jan 2014, 11:14 AM Agree 0
    I am in total agreement with Brian Koss's statements. We have lost sight of the consumers needs & wants for simplifying the mortgage process. I have been in the mortgage industry for 40 years; I have never seen this business more complicated and damaging to the consumer. How much more can the consumer afford for "their protection"? It is completely out of control; it's embarrassing!
  • Aaron | | 28 Jan 2014, 12:27 PM Agree 0
    It is just as bad on the appraisal side.
  • John Deleva | | 28 Jan 2014, 12:32 PM Agree 0
    Elections do matter, the bigger the government the bigger the pile. Elect officials that believe the far left and the far right are enemies of a free republic...elections do matter!! Any responses from the far left or right are both unnecessary and unwanted so save them please. Maybe when more of the moderates in this country start shouting down the extreme left and right we might have a chance at advancing the quality of life for all Americans...until that time I will just keep my head down, one for security reasons and two out of shame.
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