Dude, Where's my GFE?

I'm beginning to hear more complaints about bank lenders getting sloppy with their 'Good Faith Estimate' disclosures. One LO who works the Connecticut market told me that she's running into more and more customers who aren't being served a GFE until three to four weeks after application. "I'm starting to wonder about the competency of some of these lenders," she said. "Banks are the worst offenders." Meanwhile, as April 1 gets closer the complaints are beginning to pile up that the Treasury Department, Federal Deposit Insurance Corp., and Federal Reserve are speaking out of both sides of their mouth regarding "too big too fail." (On April 1 new rules go into affect curbing loan officer compensation.) Several LOs I've interviewed believe all three agencies are engaged in a conspiracy to reduce the number of nonbank lenders which will lead to them having less institutions to regulate and oversee, therefore making their jobs easier. In other words, as regulators argue they want to end TBTF, they are creating a situation where only large banks will rule the roost in mortgages and other asset classes as well…