Recently we reported that the Consumer Financial Protection Bureau was auditing three large nonbank mortgage lenders, three of which are based in California. (We’re working on getting confirmation and asking those firms if they could share their experiences with us.) But rest assured, the CFPB will get around to auditing just about every nonbank lender of any decent size. But will it release those audits to the public – or will inquiring minds need to file a Freedom of Information Act request? Meanwhile, mortgage analyst Joe Garrett recently told his clients this: “Even if the CFPB hasn't contacted you about scheduling an exam, it's quite possible that they are monitoring you. They have stated that they will, to the extent possible, use existing information, including exams by state regulatory bodies, your HMDA reports, lawsuits filed on behalf of consumers, consumer complaints filed with the CFPB, newspaper articles, web postings, Neighborhood Watch Scores, lenders' websites, and your loan volume. Oh yes, they are watching you.”
By
AUG 7, 2012
Comments (7)
That's nice. Our attorney in a Wells Fargo remod matter, now entering nearly three years in length, filed a complaint with the CFPB. Subsequent calls to this department revealed it as nothing more than a well funded, government information clearing house. This outfit, according to the scripted phone clerk that I spoke with, makes "recommendations" to banks based upon complaints and information that they glean from well meaning and put upon borrowers. Don't hold your breath waiting for help from CFPB, or should I say, CF"BS". They have lovely eco graphic letterhead by the way. I thought that someone was trying to sell me a Prius.
Big Brother is here !! This is very scary .....
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