“Recently, the new President of our local Mortgage Bankers Association and I went to meet with our Congressman. As part of the presentation, I had printed off the 1,888 pages of the Consumer Financial Protection Bureau (CFPB) ‘Know Before You Owe’ rules for August 2015, and a sample loan application (90 pages for an FHA loan). We were both surprised to see his reaction…

…in that: (i) he wasn’t aware of the rule and or its 1888 pages of guidelines (similar to another that unfortunately was passed before we got to read it) and (ii) his shock at what borrowers now need to read, sign and pay.”, Joe Anonymous Mortgage Lender, February 2015

Excerpt from February 2015 Mortgage Industry Newsletter:

“Yes, regardless of what many politicians say about the government leaving lending alone, it won’t happen – which makes for interesting stories. Joe Anonymous discussed lenders meeting their state senators or congressman. “Recently, the new President of our local MBA and I went to meet with our Congressman. As part of the presentation, I had printed off the 1,888 pages of the CFPB ‘Know Before You Owe’ rules for August 2015, and a sample loan application (90 pages for an FHA loan). We were both surprised to see his reaction in that: (i) he wasn’t aware of the rule and or its 1888 pages of guidelines (similar to another that unfortunately was passed before we got to read it) and (ii) his shock at what borrowers now need to read, sign and pay. We went on to talk about the increase in appraisal costs, compliance, technology, underwriting and processing fees etc., since the CFPB began its quest to reform the system in the name of protecting the consumer.”

Posted on February 2, 2015, in Postings. Bookmark the permalink. Leave a comment.

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