Ex-CFPB Honcho Launches Mortgage Search Firm
Tim Duncan, who was a key player in helping Elizabeth Warren form the Consumer Financial Protection Bureau, is launching a new mortgage company whose goal is to act as a middleman between consumers and residential lenders, National Mortgage News has learned.
In marketing materials Duncan notes, “We are beginning to work with a limited group of mortgage lenders and industry participants beginning in January 2013.”
Duncan, in an email to NMN, confirmed that he is working on the project—dubbed GoodlyHome.com—but said, “We are currently in beta/demo mode for our lender clients and it is not possible for anyone to transact business on the site or even create an account.”
Goodly’s goal is to make shopping for mortgages online an “easy” process, its beta website says. It hopes to become operative early next year.
Duncan boasts a resume that includes stints at Treasury working on forming the CFPB—his specialty was technology and information services—and the Financial Stability Oversight Council, which is also part of Treasury.
Warren, a Democrat from Massachusetts, was elected to the Senate this past fall and will serve on the Banking Committee.
The CFPB is hardly popular with mortgage bankers and commercial banks. The agency is working on several regulations that mortgage bankers are anxious about including loan officer compensation.