BREAKING NEWS
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!
