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Lawmakers to Cordray: Delay new mortgage rules

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Mortgage Professional America | 11 Dec 2013, 10:23 AM Agree 0
What do you think? Should implementation be delayed for a year or are most originators ready? Tell us your thoughts in the comments below.
  • Cheryl M | | 11 Dec 2013, 10:45 AM Agree 0
    Only 6 came forward? So the housing market isn't a crucial factor to economic recovery? Dummy me...
  • Andrea | | 11 Dec 2013, 10:47 AM Agree 0
    Good Luck! The CFPB is drunk on power, nothing will get in their way to do whatever they want to destroy the mortgage Industry!
  • Bob | | 11 Dec 2013, 11:03 AM Agree 0
    I've been the brokerage industry for 25 years with thousands of satisfied customers and never a complaint filed. I can see these new rules destroying the mortgage industry as we know it! Good luck getting any kind of service out of a mortgage company after this!
  • Stephen D | | 11 Dec 2013, 11:03 AM Agree 0
    So glad bank representatives can say what a credit union will do. At least people in MO can still go to brokers for mortgages.
  • Bayview Mortgage Inc | | 11 Dec 2013, 11:04 AM Agree 0
    What they should do is make all states the same. No state laws. Just one blanket Federal law for all states. thus a Broker lender or bank could lend in all states.This would make it easier to regulate since everyone had the same rules.
  • steve | | 11 Dec 2013, 11:06 AM Agree 0
    not happening here - 6 people in the same state is hardly news worthy for change....give me some real information...
  • Sal Arlia | | 11 Dec 2013, 11:09 AM Agree 0
    I am very surprised more housing groups have not been pressing this issue since the beginning. From a lending standpoint who would make a non QM mortgage with the inherited risks involved? Sub-prime will be back for non QM mortgages. My question is where is the borrower benefit in all of this? In addition, it was a nice way of limiting a mortgage brokers living again!
  • Dan | | 11 Dec 2013, 11:17 AM Agree 0
    This is the result when THE congress placed the CFPB under the Federal Reserve and OUTSIDE of their oversight ... congress placed themselves in the position of having to ASK ....
  • Mortgage Pro | | 11 Dec 2013, 11:37 AM Agree 0
    Amen Andrea and Cheryl -- and honestly, who is regulating the CFPB? Also, why aren't people talking about the implementation of the 43% debt-ratio? This has a much greater impact on my client's ability to purchase than the cap (which is all I seem to see in most press documents).
  • wes | | 11 Dec 2013, 11:48 AM Agree 0
    The 3% cap would hurt borrowers with smaller mortgages. I have a single Mom who's looking to take out a $100k her total fees cannot exceed $3k...not happening here in CA with her small down payment...nope. These rules have too many unintended consequences and someone on the Federal level needs to put the CFPB in check! Everyone needs to go to their associations events talking about these new rules and call their congressman...if they can do it in MO of all places...we can do it elsewhere too!
  • Being Human | | 11 Dec 2013, 12:12 PM Agree 0
    •In a partial victory, the CFPB upped the small mortgage threshold from the proposed $75,000 to $100,000 and established a tiered fees and points approach that raises the 3 percent as mortgages get smaller in size from $100,000.
    These rules are only for mortgages being sold to fannie and freddie. You will now see private equity companies coming in with their own cash. Life will go on and the Lawyers will find a way around the rules, again.
  • mary | | 11 Dec 2013, 12:55 PM Agree 0
    Let's bring in private capital. Private Lenders. What is happening to our industry has all been thought out by the powers to be. unintended consequences? I dont think so. It is all intended to pick winners and loosers; concentrating all the power in a few baskets.
  • JOE M | | 11 Dec 2013, 01:47 PM Agree 0
    need more than just MO to be involved.
    Flood your congressmans office with calls
    or emails, and let them know they should be a
    part of the MO delegations requests for delayed QM regs. It may already be to late.
  • Edgar Swope | | 11 Dec 2013, 05:10 PM Agree 0
    Interesting comments, as a small bank that sells mortgages to Fannie and Freddie and does portfolio lending, we too are frustrated. I hate that the good brokers are being pushed, the ironic thing that our Leaders do not undertsand is that they are hitting the the 3% thing twice, since the rate is elevated to cover the lender comp; therefor your APR is pushed up..crazy unintended consequences for sure. I know that we have lobbied the California Bankers Association..
  • Florida LO | | 12 Dec 2013, 08:07 AM Agree 0
    I feel that trying to push these new rules down every ones throats right now is counterproductive. I feel launching this now before we can all get our arms around it is not very smart. Our industry has suffered enough black eyes......walking into this not completely prepared is suicide!
  • Viva la Revolucion | | 12 Dec 2013, 10:43 AM Agree 0
    Andrea and Mary = BINGO!
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