Know Before You Owe gets qualified stamp of approval
April 1, 2015
From the above-referenced Housing Wire article: “The Community Home Lenders Association says it would like to see the consumer rights embodied in the CFPB’s initiative to be expanded. ‘The Community Home Lenders Association applauds many of the CFPB’s ‘Know Before You Owe’ policies,’ the trade group told Housing Wire. ‘However, CHLA believes every consumer has the right to know before they owe if their mortgage consultant/MLO/LO is licensed and has passed an independent background check. The CFPB should use its existing authority to add this consumer right to its ‘Know Before You Owe’ program since not all MLO’s are licensed and meet the same qualifications.’”
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