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Memo to the CFPB

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  • Time4change | | 19 Jul 2012, 08:28 AM Agree 0
    I LOVE reading emotional charged writings! Bottom line is borrowers want to know what their costs are, how much do they need to close and what is their interest rate/payment. Nothing has changed on the borrower end of things. Same old, same old. What has changed is too much government and feds intervention making the disclosures more convoluted by the day, while feeding more profit into the banks. I have a problem wrapping my head around all the confusion coming out of the CFPB.
  • Jillayne Schlicke | | 24 Jul 2012, 11:51 PM Agree 0
    I actually like the new proposed combined GFE/TIL form and all the LOs from my classes also like it.

    What's changing via Dodd-Frank is that LOs are going to be held to a higher standard to make sure the borrower's understand what's on the form.

    If borrowers can't understand things like APR, how a mortgage amortizes, etc., then LOs better be damn sure that the consumer isn't taken advantage of. THAT change is needed. Why? Because when the government steps in and has to bail out an industry, it gets to call some of the shots.
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