cfpb: CFPB Is Targeting Zillow Co-Marketing
- 03/09/17 02:34 PM
If you are doing Zillow Co-Marketing the video below is a MUST watch, especially for Loan Originators. However, it is a must watch for Realtors/Agents as well, because they can find themselves in the cross hairs of the Consumer Financial Protection Bureau (CFPB). If you have not heard yet the CFPB Is Targeting Zillow Co-Marketing between Loan Originators and Realtors/Agents. For Realtors/Agents Zillow Co-Marketing with a Loan Originator could result in a fine. For Loan Originators it goes beyond a fine, it can end up in loss of their license. So if you are presently participating in the Zillow Co-Marketing program you should … (28 comments)
cfpb: Will There Be Changes To The Consumer Financial Protection Bureau (CFPB) In 2017?
- 12/29/16 01:45 PM
I do not have a crystal ball, but if I did have one, one of the things I would like to look into it and see is Will There Be Changes To The Consumer Financial Protection Bureau (CFPB) In 2017? The Dodd/Frank Act has been a major topic even before it was enacted, and one of the most controversial component of the Dodd Frank Act was the CFPB. The CFPB has had a significant impact on the Lending Industry. Some of it good, but much of what the CFPB has imposed on the Lending Industry especially those related to the QM Rules, have had a negative … (9 comments)
cfpb: The Survey Says!!!
- 04/19/16 04:29 AM
The San Diego based ClosingCorp recently surveyed 1,000 homebuyers who purchased a house before and after the new CFPB TRID guidelines. The survey produce interesting positive and negative responses, so without further delay The Survey Says!!! Negative Responses: 64% of those who responded said it was easier go get a mortgage under the old rules than under TRID. 57% said it took longer to get a mortgage under TRID than it did before TRID. 51% felt there was more "unexpected costs, fees, and surprises" with their new mortgage under TRID. Positive Responses: 63% said the new TRID forms the Loan Estimate (LE) … (19 comments)
cfpb: CFPB Counseling Classes For All Home Purchases & Refinances
- 04/09/16 05:55 AM
The Consumer Financial Protection Bureau (CFPB) implemented a guideline a little over 2 years ago on January 10, 2014, which very few people outside of the Lending Industry are aware of. Under the new guideline the CFPB established, the CFPB Counseling Classes For All Home Purchases & Refinances. The new CFPB Guideline required ALL Lenders to include a written list of Homeownership Counseling Organizations, with EVERY Loan within 3 days of having the 6 required pieces of information which constitutes a Mortgage Application. However, even though the CFPB Counseling Class Guideline requires Lenders to provide Borrowers with a written list of Homeownership Counseling … (27 comments)
cfpb: What Is Going On With CFPB In 2014 Part #2
- 03/28/14 12:09 AM
As I mentioned in my blog yesterday "What Is Going On With CFPB In 2014 Part #1", the Consumer Financial Protection Bureau (CFPB) is reevaluating the impact their decisions may have on the Lending Industry. But they are not just reevaluating the impact of their past decisions, they are also looking at other areas of the Financial Industry. In this blog What Is Going On With CFPB In 2014 Part #2, I want to cover one of those areas which seem to be in the CFPB's radar, the three major Credit Buearus Equifax, Experian, and TransUnion. In particularly the CFPB is investigating the long time practice of the three … (32 comments)
What Is Going on With CFPB In 2014 Part #1. Last Friday I took my 8 hours of continuing education classes which are require each year for me to retain my Mortgage Loan Originator License. A substantial part of the class was spent on what is going on with the Consumer Financial Protection Buearu (CFPB), and the future impact their decisions may have on the Lending Industry. A lot of information was provided but what stood out to me the most was: New Subprime Loan Products CFPB reevaluating the impact their decisions on the Lending Industry. CFPB investigating the sale … (19 comments)
If you are doing Zillow Co-Marketing the video below is a MUST watch, especially for Loan Originators. However, it is a must watch for Realtors/Agents as well, because they can find themselves in the cross hairs of the Consumer Financial Protection Bureau (CFPB). If you have not heard yet the CFPB Is Targeting Zillow Co-Marketing between Loan Originators and Realtors/Agents.
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