(Entire article and video re-broadcast from the TBWS Daily Show, March 24, 2011.)
The new Consumer Financial Protection Bureau Chief, Elizabeth Warren, stated that she plans on spending half of her budget on the enforcement of non-depository lenders. That means mortgage brokers. Yet mortgage brokers are already the most highly licensed and regulated originators in this mortgage industry. Compare that to originators working for the federally chartered banks (such as Wells Fargo) that aren’t even required to licensed!
(In the interest of clarity and full disclosure, it should be noted that as of January 1, 2011, loan officers working for a federally chartered bank now must be registered, although they still need not be licensed. However, loan officers working for mortgage brokers must be licensed by the federal government in addition to each state they wish to operate.)
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