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August 17, 2012

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Comments

Joyce

You said it, Steve!! I have so much else to add but won't in a public forum. Thank you for having our backs and for being our "voice"...now if only the CFPB would read your blog!

Cheryl

Steve you are the MAN!! Please send this to the CFPB or somehow make them read this and understand what they are sending out!
Thank you for putting it all in perspective, it is mind-boggeling!

Dianna

Shhhh. I'm reading! :)

Steve Van Beek

Thanks guys - we'll do what we can to get the CFPB to understand how their avalanche of rulemakings are impacting the very institutions that have served as models for other financial providers.

Rob Rutkowski

Everyone is going to need new lending forms across their entire real estate portfolios in early 2013 and probably all of their lending documents after that. Unless CUs are exempted from this, the costs will be immense.

Steve Van Beek

Rob - you are right. The CFPB is literally changing almost every aspect of mortgage lending. Makes you wonder if consumers are really protected if small institutions can no longer make mortgage loans due to large compliance costs. Usually this would be chalked up to unintended consequences, but Dodd-Frank clearly intended for every aspect of mortgage lending to be changed.

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