consumer financial protection bureau: “Mortgage Brokers Shine According to CFPB”
- 04/10/13 04:11 AM
“Mortgage Brokers Shine According to CFPB”
According to the Consumer Financial Protection Bureau and the Consumer Complaint Database, there were 90,000 complaints on financial products and services.
For whatever reason, they have one category called mortgage broker, which includes everyone in the mortgage industry. 22 out of the 50,457 were actually filed against mortgage brokers.
When I read this report, it didn’t indicate what time period, I would guess, since the database was setup. This is more than sufficient evidence, that all loan officers should get licensed and take all the … (2 comments)
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consumer financial protection bureau: “Where Do All the Billions Go?”
- 04/08/13 10:49 PM
“Where Do All the Billions Go?”
With all the billions of dollars in penalties, fines and alike that we keep hearing about, where does all the money go? The Department of Justice , Consumer Financial Protection Agency and other government agencies are collecting boat loads of money. I have sent numerous emails to elected officials, but have yet to receive anything that makes any sense.
Are you as curious about this as I am, do you have any idea? With all of these billions that have been collected, you would think, these dollars could be used … (0 comments)
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consumer financial protection bureau: Don’t Panic When Your Mortgage is Sold or Serviced by Another Company
- 02/20/13 09:30 PM
“Don’t Panic When Your Mortgage is Sold or Serviced by Another Company”
I had to talk one of my clients off the cliff yesterday. At the time I did her mortgage I explained, that most likely the mortgage we are doing, will not be serviced by this lender. Sure enough, no sooner was the ink dry, my client was notified that the mortgage was now going to be serviced by someone else.
She said she went online and saw all kinds of complaints about this company. I told her that all the complaints were probably all warranted, but … (9 comments)
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consumer financial protection bureau: Mortgage Loan Application Fraud”
- 01/31/13 03:00 AM
“Mortgage Loan Application Fraud”
I do business with a large number of lenders. Many of the account reps stop by my office on a regular basis. They constantly tell me stories of loans that are being done, that they end up having to buy back because of some kind of fraud that was incorporated with the mortgage.
Once they get these loans back, they want the company that originated the mortgage to buy it back from them. You can see what kind of problems happen from there, all of which aren’t good.
I don’t get it, … (10 comments)
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consumer financial protection bureau: What Effect the New QM Rules Could Have on Mortgages in the Future?”
- 01/30/13 03:45 AM
“What Effect the New QM Rules Could Have on Mortgages in the Future?”
I keep reading that the new QM rules will have very little effect on future home buyers. In the article below it is suggested that 90% of buyers won’t be effected by a 43% debt ratio.
So let me demonstrate some real numbers. This is based on the last two years of mortgages, that I did, not based on theory.
Debt ratio under 25%, 16%---- Debt ratio 26% to 33%, 18%---- Debt ratio 34% to 39%, 19%---- Debt ratio 40% to 43%, 21%---- … (9 comments)
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consumer financial protection bureau: Here is What Mortgage Lending Will Look Like Going Forward
- 01/17/13 05:00 AM
“Here is What Mortgage Lending Will Look Like Going Forward”
Here is what we know so far, even though the new regulations and guidelines won’t go into effect until January 10th, 2014, many lenders will start putting many of these guideline in place long before that date.
This information comes from one of our many lenders:
* The rule will take effect on January 10th, 2014. However, many lenders will begin implementation of parts of the rule prior to then. Watch for announcements from your lender regarding upcoming changes.
* In 2008 the Federal … (10 comments)
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consumer financial protection bureau: The Three Credit Bureaus Have NO Regard for the Consumer
- 01/15/13 03:44 AM
“The Three Credit Bureaus Have NO Regard for the Consumer”
I have been a harsh critic for a long time. First, when I run credit for one of my clients, they then sell the clients information as a lead to prospective lenders. I have never understood how this is ethical, let alone legal. Clients of mine have always complained about being contact shortly after our credit inquiry.
Second, so often when an error is discovered on a credit report, to get some of these items corrected is like getting Congress to get something fixed. I coach … (10 comments)
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consumer financial protection bureau: Regulators Warn Lenders and Mortgage Companies about Misleading Advertising
- 11/25/12 08:15 PM
“Regulators Warn Lenders and Mortgage Companies about Misleading Advertising”
As I have shared many times, I am not a fan of over-regulations of anything, but we are presently stuck with Dodd-Frank and that is the way it is.
OK, since we have these regulations and the Consumer Financial Protection Bureau, then do the job you were supposed to do. We have had laws in every state about misleading mortgage advertising, long before Dodd-Frank, that is supposed to protect veterans, the elderly and the consumer in general.
If their job is to protect the public, then why aren't … (10 comments)
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consumer financial protection bureau: Mortgage Lenders Stymied by Additional Rules and Restrictions
- 11/06/12 09:35 PM
“Mortgage Lenders Stymied by Additional Rules and Restrictions”
I had a mortgage denied last week. Both were loans that should have been made with little effort previously.
Our borrower was a waitress, that was denied because her debt ratio was considered too high. She was purchasing a home for $180,000, putting 20% down. Even though we had automated approval, with a 49% debt ratio the lender said no. Even though the lender knew that some of her tips were unreported income, they considered the loan too risky.
We had a couple of choices, put more money … (6 comments)
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consumer financial protection bureau: CFPB LOOK TO FORCE LENDERS TO DO LOANS FOR THOSE THAT CAN'T QUALIFY
- 08/23/12 05:28 AM
“CFPB Look to FORCE Lenders to do Loans for those that are “Unlikely” to Qualify”
I read this a couple of times to make sure that I was reading the proposal correctly. No loan officer, worth their salt, will want to do a loan for borrowers that don’t qualify for a mortgage.
As a result of the Dodd-Frank Act, that is now law, created by the CFPB, to protect the best interest of the consumer. Consumers are also folks that in fact do qualify for mortgages.
I have now heard for the last few years, that the subprime mortgages … (8 comments)
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consumer financial protection bureau: WHERE IS THE MONEY GOING?
- 08/10/12 04:39 AM
"Where is The Money Going”
The Consumer Financial Protection Bureau, that was created by the Obama administration, as a result of Dodd-Frank has been collecting millions in penalties.
It was mandated that the money collected was to be used to compensate the victims. To date, none of the victims have gotten anything, why? What is happening to the money?
The so called crime fighters are pretty good doling out the fines, not very good at the rest it.
Something to Watch: the CFPB’s Civil Penalty Fund
By: Kevin Wack
A $25 million penalty collected by the Consumer Financial Protection Bureau last … (5 comments)
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consumer financial protection bureau: WHY AREN'T THERE MORE MORTGAGE RELATED COMPLAINTS?
- 08/02/12 10:33 PM
Why aren’t there More Mortgage Related Complaints?
I am by no means in favor of the CFPB, which is truly an unnecessary, bureaucratic agency. So what happens with all of these complaints that they are talking about?
I did a little homework on these complaints. The majority of them were filed against the four largest banks in this country, that apparently could care less about servicing their customers correctly.
I got this note from a builder this morning and wanted to share what great customer service sounds like, but I know you already know.
Joe, every time I called … (7 comments)
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consumer financial protection bureau: OMG, I CAN'T BELIEVE I AGREE WITH THE CFPB ON SOMETHING
- 07/25/12 11:17 PM
“OMG, I Can’t Believe I Agree with the CFPB on Something”
They have indicated they want all long officers to go through the same licensing process. As most of you know, loan officers that work for a Bank do not have to be licensed or be properly tested. The banks will do everything possible, including filling suit against the CFPB, to stop such a proposal.
Being licensed in 8 states, I was tested by all 8 states, plus Nationally. The minimum test scores were 75% and there were many failures. I have heard that up to 40% failed in … (6 comments)
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consumer financial protection bureau: DODD-FRANK AND CFPB, DOESN'T HAVE A CLUE
- 07/22/12 10:10 PM
“Dodd-Frank and the Consumer Financial Protection Bureau, Doesn’t Have a Clue”
Here is a case in point. I did a mortgage application for an attorney and his wife. They have been mortgage clients of mine for many years.
I also have a referral partner relationship with him, referring many clients to him over the years and he refers countless clients to me that are in need of a mortgage.
They wanted to refinance their home, again to take advantage of these historically low interest rates. As I do with every mortgage client, I spend a lot of time, reviewing every form, … (5 comments)
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consumer financial protection bureau: DODD-FRANK, CFPB, A PROBLEM FOR FUTURE MORTGAGES
- 07/19/12 03:45 AM
“Dodd-Frank, Consumer Financial Protection Bureau, a Problem for the Future Mortgages”
I know I don’t need to say, that anytime the government gets involved in any of our businesses, it only get worse from here.
It is unfortunate for all of us, that Dodd-Frank and the Consumer Financial Protection Bureau have created regulations that stymie growth and job creation. The stupidity here is the thought process, they think they are protecting the public, only to cost the public more money, jobs and unnecessary overhead to all businesses.
The sooner that Dodd-Frank get repealed, the sooner … (4 comments)
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consumer financial protection bureau: CFPB SAYS REVERSE MORTGAGES LINKED TO HIGHER FORECLOSURE RATE
- 07/05/12 02:43 AM
“CFPB Says Reverse Mortgages Linked to Higher Foreclosure Rate”
They indicate that MANY don’t understand what they are doing. Reverse mortgages are an FHA product and through HUD, each person has to take an educational program, which explains every facet of the process. HUD created the education process, so if the consumer doesn’t understand what they are doing, then there is a problem with the education process.
Our company has been doing Reverse mortgages for many years and I’m not aware of any foreclosures that were done through our office. Many lenders have gotten out of the Reverse … (0 comments)
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consumer financial protection bureau: MORTGAGE REGULATIONS, THE BIG CHILL FOR LENDING
- 06/12/12 11:07 PM
Mortgage Regulations, The Big Chill for Lending”
Mortgage regulations have definitely put a chill to lending. There is absolutely no reason for a loan closing to take as long as they do. Time and time again, there are delays getting loans closed. Many times there is a hold up at the end and the lenders all tell me, regulations are killing us.
Regulations on top of already existing regulations. OK, some rules are certainly important and necessary, but we have gotten to the point of crazy.
I was doing a mortgage for a client that was a short sale property. The transaction needed to close … (1 comments)
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consumer financial protection bureau: LOAN OFFICER COMPENSATION RULE TOO BE DELAYED
- 06/05/12 11:26 PM
“Loan Officer Compensation Rule too be Delayed”
The CFPB are quickly figuring out, they no one in the mortgage industry, the real estate industry or anyone that believes in a free enterprise system is just going to bend over.
I wonder if some of this has to do with an upcoming election? I wonder what percentage of the business community is going to vote for another four years for failure and moving our country toward socialism?
The sooner that this country repeals Dodd-Frank, the sooner more jobs will get created. The sooner these restrictive rules and regulations are eliminated … (2 comments)
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consumer financial protection bureau: WE NEED YOUR HELP - THE FREE ENTERPRISE SYSTEM IS AT RISK!
- 05/31/12 03:32 AM
“We Need Your Help - The Free Enterprise System is at Risk!”
The Consumer Financial Protection Bureau, which was created out of Dodd-Frank will put me and most of the mortgage industry as we know it, OUT OF BUSINESS! If this is allowed to happen, the real estate industry is next.
PLEASE PAY ATTENTION, THIS IS SERIOUS! I am all in favor in completion or being on an even playing field, but this is socialism and our civil liberties are being taken from the mortgage industry.
The article below described what happened at the late meeting with the CFPB. Actually … (4 comments)
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consumer financial protection bureau: CONSUMER FINANCIAL PROTECTION BUREAU WITHHOLDING BUDGET
- 05/11/12 01:44 AM
“Consumer Financial Protection Bureau Withholding Budget”
So typical of any entity connected to the current administration and Dodd-Frank. Our current administration and everyone connected to it, has no regard for our dollars. The arrogance of them to ignore their responsibility to share their budget is reprehensible, but at the same time, not surprising.
We have not had an approved budget in the last three years and will not have one for this year, but who’s counting? Actually there are a lot of people counting and sick and tired of overspending that is out of control. Just think, if there … (5 comments)
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