To hear some nonbank lenders talk about the Consumer Financial Protection Bureau you would think they were dealing with Dracula or something. But perhaps being a nonbank and being audited isn’t such a bad thing after all. Mortgage lenders (banks and nonbanks alike) get audited all the time – by regulators, warehouse lenders, Fannie Mae, Freddie Mac, FHA and the list can go on and on. “CFPB isn’t in this for the pelts,” one advisor told us, adding quickly that “CFPB audits are here to stay.” And once a firm passes a CPFB audit they can brag publicly that, “Hey look, Ma, I go tan A on my report card.” Maybe this is an over optimistic view of the situation but we know this: the agency presently is working on audits of three large nonbanks with results coming in the next few weeks. But will those audits be released to the public at large or will members of the media need to file a Freedom of Information Act request?
