CFBP

CFPB

We Were the Mulvaneys

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Have you had a dispute with a Bank?
Have you complained about Wells Fargo, Bank of America or Chase and not gotten a response from CFBP?

Now is you time to ask for changes

.  The Consumer Financial Protection Bureau (Bureau) today issued a Request for Information (RFI) about the Bureau’s public reporting of consumer complaints. The Bureau is seeking comments and information from interested parties on the usefulness of complaint reporting and analysis, as well as specific suggestions or best practices for complaint reporting. This is the sixth in a series of RFIs announced as part of Acting Director Mick Mulvaney’s call for evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers. This RFI will provide an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers and covered entities. The next RFI in the series will address the Bureau’s rulemaking processes, and will be issued next week.
The RFI on complaint reporting is available at: https://files.consumerfinance.gov/f/documents/cfpb_rfi_complaint-reporting_032018.pdf
The CFPB will begin accepting comments once the RFI is printed in the Federal Register, which is expected to occur on March 7. The RFI will be open for comment for 90 days.
The Bureau anticipates issuing RFIs on the following topics in the coming weeks:

• Rulemaking Processes
• Bureau Adopted Rules
• Inherited Rules
• Guidance and Implementation Support
• Consumer Education
• Consumer Inquiries

More information about the call for evidence is available at: http://www.consumerfinance.gov/policy-compliance/notice-opportunities-comment/open-notices/call-for-evidence/

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Mortgage Rates Jump

NEWS ALERTS

Mulvaney says he's not gutting the CFPB

Rates Jump HIGH

Shaun White Wins

Mortgage rates hit a stated 4 yr high today. The 30 yr fixed rate is  getting closer to 5% than 4%. Why this matters;

$500k loan at 4.00% = $2,387 P/I

$500k loan at 5.00% = $2,684 P/I

$500k loan at 6.00% = $2,997 P/I

1% rise in rates on $500k loan costs an additional $297 more per month. Take rates back to 6% which is about where they were in 2005 /2006 and that monthly payment goes to $2,997 per month, or about $610 more per month.

With  higher rates, investors need to put more down payment to cash flow investment purchases. Back in 2005, you needed about 30-40% down to cash flow some purchases. More recently investors have been able to cash flow with just 20% down.

In the big picture rates are not a scare

The below chart shows mortgage rates heading south, which is higher for mortgage rates.

If you have deals in the works lock sooner than later has been the best strategy so far this year.

If you need help saving a deal please let me know.

C G

Caroline Gerardo

NMLS 324982

949-784-9699

Solicitud de Hipoteca en Español para una Casa

Nuestra aplicación en español le ofrece una solución rápida y fácil para solicitar un prestamo hipotecario. Proporciónenos por favor la siguiente información.

Información Personal

Nombre: Apellido: Correo Electrónico: Referencia Nombre: Teléfono de Casa: ( ) - Teléfono Celular: ( ) - Teléfono del trabajo: ( ) - Ext. Estado civil:     Casado  Soltero  Separado      Si  No  Fecha de Nacimiento:  (mm/dd/yyyy) Número del seguro social:  -  -  Número de dependientes: Edad(es): Separado por coma. Oficial de Préstamo:   No Preference

Dirección Residencial

Calle: Ciudad: Estado:      ALABAMA  ALASKA  ARIZONA  ARKANSAS  CALIFORNIA  COLORADO  CONNECTICUT  DELAWARE  DISTRICT OF COLUMBIA  FLORIDA  GEORGIA  GUAM  HAWAII  IDAHO  ILLINOIS  INDIANA  IOWA  KANSAS  KENTUCKY  LOUISIANA  MAINE  MARYLAND  MASSACHUSETTS  MICHIGAN  MINNESOTA  MISSISSIPPI  MISSOURI  MONTANA  NEBRASKA  NEVADA  NEW HAMPSHIRE  NEW JERSEY  NEW MEXICO  NEW YORK  NORTH CAROLINA  NORTH DAKOTA  OHIO  OKLAHOMA  OREGON  PENNSYLVANIA  PUERTO RICO  RHODE ISLAND  SOUTH CAROLINA  SOUTH DAKOTA  TENNESSEE  TEXAS  UTAH  VERMONT  VIRGIN ISLANDS  VIRGINIA  WASHINGTON  WEST VIRGINIA  WISCONSIN  WYOMING  Código postal:  -  Años en esta Dirección Residencial:  Años     Meses Casa alquilada o propia:     El alquiler  Posee

Datos de la Propiedad

Propósito del Préstamo:     Compra  Construcción - permanente  Construcción  Refinanciar  Obtenga Cambio Fuera  Otro  Uso de la propiedad:     Residencia Permanente  Segunda Residencia  Propiedad de Inversion  Cantidad Prestada: $ Precio de Compra: $ Número de Unidades: Año en que se Construyó: Calle: Ciudad: Estado:     CALIFORNIA  Nosotros sólo aceptamos aplicaciones para los estados en la lista. Código postal:  -

Información Sobre el Ingreso

Sometiendo los ingresos de pensión alimenticia, apoyo de hijos u otros ingresos separados es opcional si es que usted no desea utilizar estos ingresos para el propósito de calificar.

Los Ingresos Totales de Empleo: $ Bonos: $ Comisiones: $ Otros Ingresos: $

Activos

Cuenta de cheques: $ Cuenta de ahorros: $ Fondos de retiro: $ Fondos mutuos: $ Otro: $

comenzando artículos que necesitamos, otros papeles pueden surgir si usted tuvo una bancarrota o está divorciado

w-2 formularios últimos dos años, declaraciones de impuestos del IRS más allá de dos años, extracto bancario todas las páginas, recibos de sueldo, si usted firmó por alguien que se muestra en su informe de crédito,

Closing Disclosure Wait Periods

Navigating Closing Disclosure Wait Periods

for Mortgages

In the intricate process of acquiring a mortgage, there are several steps involved to safeguard the interests of both borrowers and lenders. One such measure is the implementation of closing disclosure wait periods. These mandated waiting periods are designed to provide borrowers with ample time to thoroughly review the mortgage terms and disclosures before committing to the loan.

Understanding Closing Disclosures

A closing disclosure, also known as a CD, is a detailed document that outlines the final terms and conditions of a mortgage loan. It serves as a crucial tool for borrowers to assess the costs associated with the loan, including interest rates, fees, and other charges.

Waiting Period Requirements

Under the federal Truth in Lending Act (TILA), lenders are required to provide borrowers with the closing disclosure at least three business days prior to closing. This waiting period is intended to give borrowers an opportunity to carefully review the document, ask questions, and seek clarification if necessary.

Exceptions to the Waiting Period

While the three-business-day waiting period is generally mandatory, there are certain exceptions in specific circumstances. For instance, borrowers may waive the waiting period if they demonstrate a bona fide personal financial emergency or if they have already received and reviewed the closing disclosure.

Implications for Borrowers

The closing disclosure wait period plays a vital role in protecting borrowers' rights and empowering them to make informed decisions about their mortgages. By carefully reviewing the disclosure, borrowers can identify any potential discrepancies or issues and address them before finalizing the loan.

Recommendations for Borrowers

To make the most of the closing disclosure wait period, borrowers are advised to follow these recommendations:

• Review the disclosure diligently: Carefully read through the entire document, paying close attention to the loan terms, fees, and other charges.

• Seek clarification if needed: Don't hesitate to contact your lender or mortgage broker if you have any questions or concerns about the disclosure.

• Compare with other offers: Use the disclosure to compare the terms of your mortgage with offers from other lenders.

• Consider seeking professional advice: If you feel overwhelmed by the financial aspects of the mortgage, consider consulting a financial advisor for guidance.

In conclusion, closing disclosure wait periods serve as a valuable safeguard for borrowers, ensuring that they have adequate time to understand the terms of their mortgage loans before signing on the dotted line. By taking advantage of this waiting period and carefully reviewing the disclosure, borrowers can make informed decisions that align with their financial goals and objectives.

If your loan is locked it is vital that you keep on top of the expiration dates as interest rates have jumped high.

Closing Disclosures (also called a C D) or old fashioned mortgage Lemon Laws are Federal

wait periods that can cost you money in this rising rate time.

GET your paperwork in Fast 

Sign anything sent to you the same day

Stay on top of your mortgage loan process

Take NOTE:

If a CD is e-signed on a Thursday, Friday, Saturday or Sunday/Holidays, loan docs may be signed on the forth day following the day they e-signed the CD. 

If a CD is e-signed on a Monday, Tuesday, or 

Wednesday, loan docs may be signed on the third day

following the day they e-signed the C D.

Thanks for reading

C G

NMLS 324982

(949) 784-9699