"The CFPB is not there to protect vendors and is not the Better Business Bureau. It's there to protect consumers "
Agreed, and posted the same thing in thread way above. Any complainst to the CFPB need to take that into account.
"Signing Agents requiring regulation and licensing does not = higher fees. Did higher fees for signing agents come with "certification", multiple background checks, and insurance requirements; no, today's fees are lower than 2001."
Two things:
1. Your certification is from the NNA or similar, not an agency directed by the CFPB. The end entity 3rd parties account to is the lender.
2. I mentioned that higher pay was 'unexpected'. It's an unexpected consequence to consumers that every time the CFPB puts a noose around lender's necks, the consumer pays for it.
i.e. LO compensation. Okay, think of that being the same for SA compensation. The CFPB 'directs' the formula off how we may get paid. Who else has that?? It stinks.
So guess what? Low-ball origination fees are a thing of the past. Once an LO puts into contract what they are going to make, that sticks, and they must make that amount, until changed.
See how that works?
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