Posted by AZ/Mike on 11/11/13 8:57am
Msg #492251

Over 25 Percent of House Asks CFPB for One-Year Delay of QM

http://nationalmortgageprofessional.com/news44696/over-25-percent-house-asks-cfpb-one-year-delay-qm?utm_source=MadMimi&utm_medium=email&utm_content=NMP+Daily%3A+25_+of+House+Asks+CFPB+for+One-Year+Delay+of+QM%2C+and+More+___&utm_campaign=20131111_m117887186_NMP+Daily%3A+25_+of+House+Asks+CFPB+for+One-Year+Delay+of+QM%2C+and+More+___&utm_term=Over+25+Percent+of+House+Asks+CFPB+for+One-Year+Delay+of+QM

Reply by FGX/NJ on 11/11/13 9:05am
Msg #492252

Mr. Corday knows what is best for America.
Do you think he will listen to elected representatives of the peoples House?

Reply by Bear900/CA on 11/11/13 8:24pm
Msg #492314

The last CFPB Director Raj Date and his chief counsel left and formed subprime mortgage company Fenway (after the ballpark).

http://www.bloomberg.com/news/2013-07-18/misfit-borrowers-attracting-lenders-as-housing-revives.html

I'll have a Fenway Frank with some subprime on the side please!

Reply by MAC/WA on 11/12/13 10:18pm
Msg #492470

Exactly why we should contact House & Senate members

Though this affects mortgage brokers, it highlights the impact of new mortgage industry regulations on small businesses. Tho' we have no association that advocates on our behalf, it demonstrates that small business can have an impact in Washington, even if we have to do it individually:

“Not only are consumers harmed by the new regulations, but the disparate treatment of thousands of small business owners will also damper the economy,” said John H.P. Hudson, vice president of regulatory affairs at Premier Nationwide Lending. “A NAMB poll of its members (a third of which are minority/women owned businesses) revealed that 73 percent of mortgage brokers are considering either changing business models, closing their doors to work for bank entities, or leaving the business altogether … who wins with less competition?”

Thanks for sharing the article.