Reply by JanetK_CA on 11/9/13 12:40am Msg #492045
Re: Good analysis:CFPB fails to assess impact on small business
That's a key part that stood out to me, as well. It looks to me like it's going to be some time before the full affect of this is all figured out. But we shouldn't have any illusions about the fact that the SPW and its proposals are a direct result of what the CFPB is doing. (Whether or not XYZ saw an opportunity and went for it, is a separate issue altogether.)
One way or another, I believe these CFPB initiatives - and the pressure they will be putting on lenders to comply - will have a significant impact on the way our industry conducts business, and perhaps on our role in it. Hopefully this will result in cleaning up some of the sloppiness in how the lending business is conducted from the top down, as much as we might hate it. Now, as for *how* it is being done, let's hope they're serious about wanting input from those of us on the front lines. There are clearly some "tweaks" that need to happen for us all to not look ridiculous in certain situations (and I'm including lenders and title co's in that), and for those of us who actually meet face-to-face with the customers to be treated fairly.
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