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The CFPB in my opinion was designed to discourage homeownership and eventually get rid of that pesky private property rights issue. As someone in the business for the last 22 yrs, I am still originating only because I’ll be damned if I’ll let the socialist SOBs keep anyone from owning a home just because of the mountains of paperwork they put in front of a borrower. If someone has good credit, good income, good assets and wants to own a home, why should they be stopped over a paperwork technicality and discouragement from “the powers that be”. The CFPB’s new regulation was touted to help the consumer. Per the Mortgage Banker’s Association (pretty well respected), the chart at this link: https://www.mba.org/Documents/Research/ChartoftheWeek%2006052015.pdf (I don’t know if I can post the actual chart) shows the basic costs to lenders to originate a mortgage loan in 2009 went from about $3,900 to $7,195 in 1st quarter 2015. The overlay of regulations from different gov’t agencies is incredibly expensive and I can’t imagine what the TRID costs are going to be after October 1st since all lenders, title companies and attorneys had to completely retool/replace their computer systems to meet the regulations. And sellers? They have no rights anymore. It’s absolutely wrong. Sorry for the lengthy post. This is usually my husband’s account but I had to respond...sick of the CFPB... wasn’t it Reagan that said something like...”I’m from the gov’t and I’m here to help...” ?

The lenders and title and escrow companies have had to remake the HUD about three or four times since CFPB inception. Each change, a line here or a line there cost millions in programming costs. The HUD is the government approved buyers or sellers closing statement. A new regulation coming from CFPB, now is a three day wait time before you can sign the lending documents, once the HUD is issued. This is so severe for all of us in the Real Estate industry, that the regulators had to postpone that requirement for three months. It is a overreach to say its to "protect" buyers, so after 6-8 weeks of escrow, they have another three days to wait to make sure they are not getting hosed by their lender, then they can sign?

In Real Estate even in our sales contracts, it says "time is of the essence", the essence of Real Estate is to expedite the transaction. There are numerous time frames you must adhere to, the closing date being one of the most important, but the government wants us to slow down, for the dumbshit buyers, who need 9 weeks instead of 8 to be a due diligent buyer.