Some mortgage bankers are hoping for a Romney White House with the first order of business being the death of the Consumer Financial Protection Bureau. Of course, even if Romney wins that doesn’t mean he will be able to jam a bill to kill the agency quickly through the House and Senate. (Presumably the House will stay under the GOP’s control but the Senate may be up for grabs.) But at the very least, mortgage brokers and nonbank managers are hoping that the CFPB will quickly get religion and tone down the “we’re the tough guys” rhetoric. The biggest CFPB-related fear appears to be the audits the agency will conduct on many mortgage lenders regardless of size. But here’s the good news: the big boys (the megabanks) get audited first.
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