CFPB Proposed Rule Changes-How it Affects You!

CFPBThe CFPB Proposed Rule Changes are here and the way we do business is going to be different…we think anyway.  What is the CFPB anyway?  CFPB stands for “Consumer Financial Protection Bureau.” Another way of getting your attention as a Realtor or Mortgage lender is to say…“Did you know the HUD-1 is going away?”  HUH!?  Ok…now I have your attention.  As you know the market collapsed and world as we know it went upside down for a while.  We are now right side up but the legislation aftermath that followed has not slowed down.  After AIG, Lehman Brothers, and everyone else got “bailed out” by our Govt to the tune of Billions of dollars things sprung into action to “protect the consumer” who in the eyes of the Government was taken advantage of by people in the Real Estate, Mortgage, and Financial Institutions.  Hence…the CFPB Proposed Rule Changes was born.