As the San Diego MBA conference wraps up, one is reminded that many lenders are having fine years and some can't believe their good fortune. Others might say that the tone is "cautiously optimistic." Certainly many of the folks I spoke to are still concerned with the regulatory environment, the changes TRID implementation has brought and what unintended consequences will start to pop up as we move forward, but lending as continued as we all knew it would. Yes, a couple of vendors have had some major issues, in spite of plenty of lead time - Richard Cordray specifically mentioned vendors in his speech Monday. And folks can't stop talking about great the Monday night Freedom Mortgage event was: lenders have every right to feel good about themselves and the jobs they're doing and that event was welcomed.

According to Ballard Spahr's CFPB Monitor, the executive order does nothing more than already substantiate current CFPB practices, as the bureau already employs behavioral economists. Barbara Mishkin writes, "The CFPB has already hired behavioral economists and appointed behavioral economists to its Academic Research Council....The Executive Order also directs agencies to "improve how information is presented to consumers, borrowers, program beneficiaries, and other individuals, whether as directly conveyed by the agency or in setting standards for the presentation of information, by considering how the content, format, timing, and medium by which information conveyed affects comprehension and action by individuals as appropriate."

Related Practices

Consumer Financial Services
Mortgage Banking