The CFPB celebrated its 4th birthday today, July 21st, 2015. In connection with this celebration, they issued an announcement highlighting all they’ve done over the past four years to help consumers (CFPB4U). Quite a bit but at what cost?
Although CFPB may have benefited many consumers at varying levels, have they also hurt some in other areas? I can’t speak to all areas monitored and governed by the CFPB, but I can speak to mortgage lending.
Has CFPB’s interpretation of Dodd-Frank, and all other federal laws covering mortgage lending, coupled with their methods for review and enforcement, hindered lenders and made it more difficult for some consumers to obtain home financing? This is something I think may be argued for quite some time.
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Regardless, the fact that CFPB’s birthday falls between June 21 and July 22 puts them under the zodiac sign of a Cancer. I don’t know if that has any significance, but I’ll bet it does to many banks and mortgage lenders.
Many returns of the day.
Michael L. Vitali – Independent Consultant to the Mortgage Industry
Mike Vitali is an independent consultant to the mortgage industry on matters concerning compliance and mortgage lending. He most recently served as the Senior Vice President and Chief Compliance Officer for LoanLogics, monitoring regulatory developments and their practical implications for the mortgage lending industry. His duties included research, interpretation, and analysis of existing and proposed legislation related to the industry in support of recommendations for policy and/or procedure changes to maintain continued quality and compliance with all applicable laws, rules and regulations, investor requirements, and standard mortgage practices. In his more than 40 years in the mortgage industry, in senior level management, he has gained experience in all areas of mortgage lending, risk management, and compliance.
Mike is a past President of the MBA of Greater Philadelphia, is a charter member and was the second Chairman of the MBA of Pennsylvania, and a past board member and Legislative Chair of both associations. He is a recipient of the 1998 Mortgage Banker of the Year Award from the MBA of Greater Philadelphia, and the 2003 Chairman's Award from the MBA of PA, and currently serves on several compliance related task forces for MBA.
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The CFPB celebrated its 4th birthday today, July 21st, 2015. In connection with this celebration, they issued an announcement highlighting all they’ve done over the past four years to help consumers (CFPB4U). Quite a bit but at what cost?
