Loan Think

The big picture is more important than the small details.

The message being telegraphed is consistent: lenders have been on notice to upgrade compliance and strict adherence is now expected.

Who should hear consumer stories first, the CFPB or the financial services company already involved with the consumer?

Rather than see TRID as a headache, think of it as an impetus to improve business performance, through broad transformation or more targeted enhancements.

The new financial assessment requirements pose a challenge, but they are necessary to the sustainability of the reverse mortgage industry.

Lenders must act affirmatively to avoid confusion in the marketplace. A lender's obligations start before a relationship with a potential borrower exists.

Consumer complaints about financial products and services such as home loans are more than just statistics. They indicate the real and difficult challenges people face as they try to navigate the financial seas.

Enhanced data can help you determine whether a particular customer is a good fit for the products you want to market.

Congress should take the interests of small and midsized mortgage lenders into account as it weighs regulatory reform for community banks. Exempting smaller lenders from random CFPB audits would be a good start.

The complexity in proving whether a loan officer is "outside" has caused many employers to abandon the classification - a move both unwise and unnecessary.