I said then and I will say it now, “This is not going to happen.” Director Mulvaney did not understand the situation. Kathy Kraninger ditched the idea the day she came in. Estimates of the costs for the government to change their site and for lending companies to change their files would be millions and […]
How To Protect Yourself And Your Closing Funds The subtitle of this alert says it all: “How to protect yourself and your closing funds.” The agency emphasis is on a sophisticated phishing scam going around. If anyone’s money gets lost in a transaction, the losers will sue everyone anywhere near the transaction. Share It This […]
About CFPB This agency has been controversial since the day it was established by the Dodd-Frank Act. The Democrats said that it would protect consumers and the Republicans said that it was excessive regulation. We will not discuss that topic today, but their website is a great source of information for Real Estate Professionals. cfpb.gov […]
Many People In Real Estate And Banking Have Extremely Poor Views Of The Consumer Financial Protection Bureau Too expensive, too regulatory, waste of taxpayer money. As most of you know, it was a product of the Dodd Frank Act. However, they have recently produced some great source materials for everyone, especially for young people starting […]
Kathy Kraninger Is The New Director Of The 1,500 Employee Agency She was confirmed by a vote of 50-49 in the Senate and replaces the controversial Acting Director Mick Mulvaney. He was her boss at the Office of Management and Budget. Who Is She? Republicans say that she has been an outstanding government employee for […]
All Owners Borrowing On Their Personal Residence For “Consumer Purposes” Must Receive A Federal Booklet, “Your Home Loan Toolkit” It is an excellent source of information concerning loans. The booklet is available free at www.cfpb.gov. I Want To Discuss The Last Section In The Booklet Title: Owning Your Home, subtitles-Owning a home is exciting; your […]
Wrote This Article On Thursday And An Announcement Came Out On Friday It is a done deal. After all the troubles that they have had over the recent years, they are now in “early stage discussions” with the Consumer Financial Protection Bureau over possible new penalties. These problems stem from their practice of charging for […]
Being Involved In Mortgage Loan Originator Education I closely watch what is going on at the Consumer Financial Protection Bureau. It can affect my income and the income of sons, grandchildren, wife, staff, etc. The organization is about eight years old now, but changes they are acoming. First, I have already many times relayed that […]
CFPB Will Pull Back, Act With ‘Humility,’ Internal Memo Says The Consumer Financial Protection Bureau will pull back its enforcement actions and act with “humility and moderation” according to an internal memo. The memo, obtained by Reuters on Monday, said that the CFPB will seek to promote a free market for financial services. “If there […]
This Alert Was Sent To Me By Theresa Ballard The legendary compliance management consultant, and I thank her everyday for her assistance in our presentation of MLO courses. When I met Theresa, I could not even spell MLO. An En Banc Panel Of D.C. Circuit Judges On Wednesday Overturned A Ruling This would have allowed […]
