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Is the CFPB breaking its own rules?

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Mortgage Professional America | 19 Jan 2015, 12:44 PM Agree 0
The implementation of the CFPB's TILA-RESPA Integrated Disclosure rule is only a few months away. And while the bureau states the new rule will help consumers better understand the mortgage process, not everyone agrees.
  • Esperanza Creeger | | 19 Jan 2015, 07:51 PM Agree 0
    Ha! Disgusting. How typical of amateurs who have never originated a mortgage and, as a consequence, have no f'ing clue the pain they have foisted on the industry and on the consumer. Hey, CFPB - get out of the way! We in the mortgage industry have learned our lesson. You folks are ruining our industry by making the process of procuring a mortgage a hellish, tortuous experience for mortgage originators and for consumers. Walk in our shoes first before you implement arbitrary BS regs that do nothing to help grow our economy. This latest faux pas reveals your lack of understanding derived from inexperience born from sheer ignorance. Furthermore ... Nope, I think I'm done.
  • Viva la Revolucion | | 20 Jan 2015, 11:35 AM Agree 0
    Esperanza - spot on! Unfortunately, I feel it's too late - once regulations are put in place they NEVER get rolled back. They've destroyed an entire industry.
  • LET'S BE REAL! | | 13 Feb 2015, 12:27 PM Agree 0
    I understand the need for competition in title insurance rates, but I don't understand the conundrum of rates offered among the industry. There should be more consistency in the publication and calculation of rates so that the borrowers can compare the rates. The CFPB is attempting to make the quotes on the estimate flow through to the settlement and not be confusing to borrowers by showing the full lender premium (required on all mortgages) and then the optional owners premium reflect the discount. If a simultaneous issue flat fee is shown for the mortgage premium and the borrowers decline the owners coverage the lender's policy premium has to be recalculated and increased creating in most cases a tolerance violation that has to be cured. My opinion is that underwriters need to look at their "we have always done it this way" mentality and get with the future!
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