CFPB Nevermind Mortgage Bankers


Today, the CFPB has announced that they will issuing a proposed delay to the Know Before You Owe rule until October 1, 2015. Nevermind

Mortgage lenders nationwide scrambled to figure out how they were going to be zero tolerance with escrows and attorneys who can't predict all their costs upfront. Lenders have spent millions on legal advice and computer updates to comply but a clerk failed to check US law.. cough 

CFPB Director Richard Cordray issued this statement, "The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time."
What? Because school starts in September we waited until October 1st? Mortgage lenders and bankers aren't ruled by back to school???

Roseann Roseannadanna Gilda R. we miss you!

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