CFPB…It’s not Chicken Fried Peanut Butter anymore!
If it’s not that favorite then, “What the heck is this?”
Some guy named Dodd/Frank is trying to “protect consumers, by carrying out Federal consumer financial laws”, thus confusing the real estate industry and the consumers at the same time. Must be a pretty good plan!
It replaces RESPA/TILA disclosures, that we finally almost understood, with a single disclosure no one will understand. It took from May, 2011 until July 9, 2012 just to type the 1,099 page rule and forms, then, until November 20, 2013 to release the final rule. There must have been a lot of typos.
But they will be able to enforce improved consumer understanding, have better comparison shopping, and avoiding surprises at the closing table.
That’s enough chewin’.