Who does the CFPB Examine & Why? How Much is a Lender Averaging $9M a Month Worth?

By Rob Chrisman

Posted To: Pipeline Press

As a reminder, many in the industry know that as of April 1 new rates kicked in under the National Flood Insurance Program . Policy premiums increased for homeowners in high risk areas by up to 25%. Are we having fun yet? The CFPB… where does one start? Many lenders were concerned about the latest CFPB announcement where they will allow consumers to post complaints to the complaint database. Most in the industry agree that consumers are not always entirely accurate with their complaints and are typically one-sided. STRATMOR Group reminded folks that the MortgageSAT Survey is a great tool to mitigate those kinds of complaints. When a borrower completes the survey, if the overall satisfaction score is low, the lender gets an alert which allows them to contact the borrower and neutralize their…(read more)

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