Reply by Karla/OR on 2/2/13 10:15pm
Msg #453711
Zana, thanks for this link. They state the big lenders are already doing the new rules and now they will police the smaller ones.
I think we may be seeing more loan modifications in our future: they state in the link that if the BO has started the loan modification process, a foreclosure can not be initiated.
Interesting stuff!
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Reply by Bear900/CA on 2/2/13 10:39pm
Msg #453715
It’s a formality of the old, new rule given us in 2010 by the Federal Reserve.
http://www.federalreserve.gov/newsevents/press/bcreg/20100816d.htm
Part of the CFPB’s reason for existence is to assimilate existing rules from the Feds and HUD as they apply to loan origination.
There are a lot of new changes such as QM, QRM, Rebuttable Presumption, Safe Harbor, and the one that’s really up in the air: loan fee caps (to include all loan fees).
Think about a fee cap of 3%, to cover all costs relative to the broker/banker, LO, escrow company, appraiser, etc.
Did I leave out the notary fee? Oops…
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Reply by ikando on 2/3/13 9:29am
Msg #453749
I had occasion earlier this week to see a conference of attorneys discussing this topic. One point they made is that the CFPB is still taking comments about the rules before they are set. Most responders have been industry people trying to hold the status quo. They encouraged people affected by the system to go, read what's planned, and make comments based on their own experiences. In my opinion, it's like voting...if you don't participate, you live with what you get. And one voice CAN make a difference!
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