Consumer Mortgage Data Soon Easily Shared Between Agencies

10/29/2015
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Consumer Mortgage Data Soon Easily Shared Between Agencies thanks to a new bill that just passed the Senate by a landslide.

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26 thoughts on “Consumer Mortgage Data Soon Easily Shared Between Agencies”

  1. Mike says:

    I’m not worried. The government has made my life so much easier by managing all my information for me. They’ve done a fine job of managing my money for me too.

    1. Eddie says:

      Really Mike? I am hoping this is sarcasm. The only type of person who says the government is doing a fine job managing their money is the “low rent” crowd who is on the dole, and is not concerned about taking money from those who work hard. The government handles nothing well. They could (and should) cut the government in half and we would be much better off.

  2. John Insco says:

    Shades of the novel 1984–read it we are on the way to this end!

  3. Joy says:

    My question is… where are the lobbyists who are advocates for loan officers, realtors from MBA, NAR, and all the other slews of lobbyist. Is no one paying attention?

  4. Nancy Viejo says:

    So as long as there is an opt out for the consumer? Make sure we tell our borrowers what they are doing.

  5. Nancy Viejo says:

    Hey guys what is the bill #

  6. I first want to thank you for changing your page..I watch for you not the ads..I know you need to pay for this to keep it coming to us for free so I get that you need advertisers..just wanted to thank you for making your video larger and more prominate … Second THANK YOU!! You are by far the best source of information that affects the public … I listen everyday and share your post every morning

  7. An interesting side note, last week a gainfully employeed 20 something who did not graduate from high school but obtained his GED asked me why years of school was on the 1003 and how was it used to determine loan qualification, great question! Honestly, not really sure why we still have this on the 1003 and really, how is it relevant to qualifying?

  8. Michele says:

    Joy, really? Of course they aren’t paying attention. Nor is the public. Unless it hits them in the wallet they are pretty oblivious to what goes on. The government is becoming more invasive by the day in the data they are collecting on us and we, and our elected officials, are standing by and doing nothing. Hooray for Frank & Brian for bringing this kind of thing to light! Hopefully people will start standing up and protesting this unnecessary invasion of privacy.

  9. Mark says:

    Another brick in the wall. And Big Brother is certainly helpin’ us more every day by caren-n-sharen. What, me worry? Alfred E. Newman knew all about this all along.

  10. I can totally see the IRS getting copies of those 2 to 3 months of bankstatements and paystubs and looking to see how many people are showing deposits that do not coincide with their paychecks. But also watching what they are spending money on etc. We need to get the government out of the mortgage business altogether and the lenders need to be willing to assume the risk 100%. It might make it tough to get a loan but it would make getting a loan a lot more simple and put the government in its proper place….out of our private business.

  11. By the way, had a closing a couple of days ago and neither the buyer nor the seller said they would ever shop their rate, nor do they care about the details that the CFPB is pushing on everyone. All they care about is if the rate is fair, they have the money to close and that they can afford the payment.

  12. Bob Gillespie says:

    Another meaningless rant? Don’t need CISA to find out all this data. Just go to Facebook and Twitter. Americans could give a crap less about this issue, with the exception of the few who are off the grid and those who don’t need a mortgage. The rest are always more than willing to display their entire lives, public and private, with millions of strangers. Personally, I don’t care how many tattoos my neighbors wife has on her ass, but they feel compelled to let me and the world know. Dig deep enough into social media and public records and you’ll find all the data about anyone. You can’t stop the forward movement of this train. The public has clearly demonstrated they don’t care.

  13. Bernie says:

    great show guys!!! there are a lot of people who want to keep their privacy. I am really shocked this past the senate by what you called a landslide….Not a good thing

  14. Russ says:

    Sadly, I think most thinking Americans have thought it has been game over for some time as far as private information. This use to be sacred and defended. Anybody play scrabble? Just noticed that if you just turn to letters in sacred you have the word scared…just sayin.

  15. Dawn Fischetti says:

    I would share this on Facebook, but I was told that the link is no longer available?

  16. Bill says:

    Joy ,With respect to your comment the $220,000 spent on lobbyists for Mortgage last year was not enough especially compared to the 95 million spent on behalf of Realtors. We need to as an industry get a game going . Are you a member of your Mortgage Bankers association.? Realtors need to pay dues to belong to their associations which is a big key to their success. If we add a 100 fee annually for representation to the NMLS fee then we could actually have a voice. Currently we don’t and no one cares without some money to spread around. I am not saying that I like it or really want to pay more but to actually have a voice we will need to pay for it… . Regarding the show today I think the use of shared information should have a Disclosure that has to be approved by the Borrower to have this information shared with any other agencies, It is required of the Mortgage companies the Govt. Should be held to at minimum the same Standard…. Good Luck To All

  17. Leslie says:

    Am I wrong or does it really matter if every government agency can find out/share my birth date and heritage and how much money I make (or don’t make) or how many children I have or do not have or if I have an annual physical or whether I use paper towels that are recyclable or prefer raspberries to strawberries??? What will they do with this “secret” information that would cause me to worry. Will a government agency call me up and say, we noticed that you purchased a case of San Pellegrino sparkling water, are you a communist?!? Do you support the Italian government?? Seriously, I do not care because I have nothing to hide AND I doubt that my life is of any interest to anyone or any government agency. Now, IF I wanted to hide something from a government agency, this could be a huge issue. OR IF I had information against the government that I wanted to expose, then, potentially, they could alter all of my personal information to hurt me. Yet, they could do that now, can’t they? They could invent what they wanted to stop me from exposing them. [This sounds like the movie with Sandra Bullock called The Net, which is old technology now and an old concept.] But I digress… To me, my personal information is totally boring and if someone wants to extract it and spend a lot of time and money compiling and analyzing it, go ahead. Although, I do not want to pay for them to do that, which is an issue! I just do not see why I would be worried, nor, do I see a way of stopping this sort of activity in this day and age…

    1. Francine says:

      Leslie,
      I think you’re right on most points you mentioned – especially, “there’s no way of stopping this sort of thing….”. But, I was wondering if you’ve heard of Agenda 21. That’s what’s coming down the pike for us if we don’t try to stop this sucking of information on every single man, woman and child in this country. It’s real. And it’s in play already. This info gathering is just part of the basic building blocks the government will use to keep us – in line, so to speak. Read up on Agenda 21. Very interesting.

  18. Jason says:

    the audio is very soft…is it just me?

  19. Jason says:

    Specifically the audio is soft on Firefox…explorer is fine.

  20. Gail says:

    Wasn’t the main point that the various governmental agencies are a juicy target for hackers? I’ve always suspected that every site we visit, and what pages we view, along with morsels from social media, are being mined by the data aggregators. The data fields may not be of any use now, but eventually somebody will figure out how to start up a “hot” internet company that can use any dataset (e.g., raspberry vs. blueberry preference) to provide clues (for a price of course) to our health, personality and our potential for [consuming, ability to be easily influenced to do [whatever], potential health insurance needs, sociopathic tendencies, etc.]. Wasn’t that what caused such an uproar during the J. Edgar Hoover (https://en.wikipedia.org/wiki/J._Edgar_Hoover) and Joe McCarthy era?

  21. Alan Van Zee says:

    HMDA doesn’t collect your name or social security number, so what’s the big deal? The information they collect is for statistical purposes.

    1. BOB GILLESPIE says:

      Alan. Unfortunately, this is a MEDIA venue. They have products to sell. “Click this banner right over there” should have been a clue. That being the case, it wouldn’t be a relevant story, enticing responses, forwards or shares, if the facts are revealed. The Woodward and Bernstein era coined a relative phrase: Never let the facts get in the way of a good story. Certainly applies here.

  22. Sean says:

    Well, at least the CFPB is a responsible agency where we elect it’s leadership. Ha, ha ha.. oh, wait, not funny at all. Just like the Non-Federal No-Reserve. Not only do we not vote on it’s leadership, not have any say, hell we don’t even know who owns it and where the profits go. Ha, ha ha… oh wait, not funny at all.

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