Industry consultant Joe Garrett recently wrote to his clients noting that many nonbank mortgage lenders are “completely unprepared” for an exam by the Consumer Financial Protection Bureau. That sounds about right to use. At a recent trade show we heard two lenders speak about CFPB exams: a commercial bank with a large residential origination business, and a nonbank with a large servicing portfolio and a fast growing production arm. The banker didn’t seem to think the exam was a big deal. After all, banks get examined all the time. When the nonbank executive spoke he seemed to be sweating somewhat and was quite cautious about what he told the audience. If nonbanks think that CFPB will go away eventually, they are (of course) dreaming. Consider this: how often do federal agencies get shutdown?