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Former CFPB official's controversial company could launch mortgages within months

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Mortgage Professional America | 08 Apr 2014, 06:44 AM Agree 0
A former CFPB official who faced criticism over the launch of his own business is preparing to enter the mortgage lending market in earnest
  • Brad | | 08 Apr 2014, 01:17 PM Agree 0
    Wait, you mean the Dodd/Frank didn't cover every possible loop hole?
    Maybe congress should consider consulting with people in the actual business of mortgage origination before constructing legislation outlining the rules of its practices.
    Good for Date - hope it brings some Great products to market!
  • Michael | | 08 Apr 2014, 02:05 PM Agree 0
    This is what happens when the fox guards the hen house.
  • Mary | | 08 Apr 2014, 10:27 PM Agree 0
    These guys got the system all figured out! They get into government "to protect the people", craft dubious laws for every one else; then they go to the private sector set up business that circumvent the very laws they help craft. The amazing thing is No one questions the practice. So, have Government and Corporations merged?
  • CmplyGuy | | 08 Apr 2014, 11:26 PM Agree 0
    Mr. Date has a 85% chance of getting his clock cleaned and that is assuming he has gain extraordinary knowledge of the intricacies of making HOEPA mortgages.

    I see no advantage his former job gave him.

    Today, I consulted with a 33 year old small lender who makes non-QM HPML mortgages and occasionally a HOEPA mortgage. It is high touch, consumer focused service in which pricing is NOT the consumers major consideration or need.

    Its extremely tough even with the skill, infrastructure and little to no competition.
  • Mary King | | 09 Apr 2014, 01:01 PM Agree 0
    Hello Alt A and subprime! it is back and so will be the mortgage broker! woo hooo!
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