The new CFPB (Consumer Financial Protection Bureau) is destroying the mortgage industry because of the bad Frank / Dodd Financial Reform laws.
This continued government overstepping will again cost the consumer MORE, not less to get ahome loan.
Sign the NO petition at http://tinyurl.com/73qpyox
Comment: “I am an industry professional. The comp rule in Dodd-Frank iis forcing me to overcharge borrowers of higher loan amounts. I also can no longer offer discounts for borrowers who refinance multiple properties with me at a time. Who is helped by this?”
Comment: As a mortgage lender, I have basically stopped doing loans under $100k. The reason, I do not make enough money to justify the time. I am not alone. Fact is this is harming low-end homebuyers. It is FAR too overreaching.
Comment: Frank Dodd, despite all its good intentions, has made it more difficult to obtain a mortgage and more difficult to understand closing costs. It needs to go if we’re looking for housing recovery in earnest.
Comment: I feel strongly that our Congressional Representatives and Senators need to be made aware of the serious adverse effects of Dodd-Frank Act. Dodd-Frank not only harms the financial industry as a whole but more importantly it harms the very group it claims to help, the consumer. I agree that an independent evaluation should be conducted and due diligence should be done before any additional initiatives of the Dodd-Frank Act are implemented. If this is done objectively, our leaders will see that the only true solution is to eliminate Dodd-Frank all together.