The House Financial Services Committee approved several bipartisan bills designed to potentially protect consumers, reform the Consumer Financial Protection Bureau and cut regulations. The next step is the House floor.
It was a raucous and heated session at the House Financial Services Committee as Treasury Secretary Jacob Lew made his annual report on the Financial Stability Oversight Council, touching on everything from GSE reform and nonbank MSRs to the IRS lost emails scandal.
The head of the Consumer Financial Protection Bureau declared that the CFPB is a “regime (that) will govern the mortgage servicing market – including both the banks and their nonbank competitors – in perpetuity.” Awesome.
While some mortgage lenders fail to keep up with the changing times, others are excelling, capitalizing on the change and those who weren’t ready for it. So what’s their secret? Customer service? Technology? An innovative approach to loan originations, and who to lend to? It’s actually all of the above, and more.