How to Get Biz Using the CFPB Home Loan Toolkit

11/17/2015
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We know it’s not often that we praise the CFPB around here, but the truth is they do have some awesome tools you can take advantage of.  First and foremost is their Home Loan Toolkit.  CLICK HERE to get it and watch today’s show to learn how it can get you more business.

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21 thoughts on “How to Get Biz Using the CFPB Home Loan Toolkit”

  1. HIPO T K says:

    Audio?

  2. I think it's a great idea!

  3. Seth Wilcock says:

    I actually love the home loan toolkit. I send it out to pretty much every client that walks through my door. I have yet to lose a client over section 6. The information they put together is actually really good. Thank you for the tip guys! I'll give it a shot and see how it goes.

  4. Love the idea Frank. We have been using the Tool Kit too when we do our buyer consultation. However, I really like your idea of doing a home buyer seminar and putting together a webinar together too. As with any presentation, the first part of the presentation should center on and demonstrate the potential pain or problem. The second part is the fix or cure, i.e. the education offered up in the Tool Kit. I am already thinking of how to put our seminar together. We’ll report back after we have our fist seminar, using the Tool Kit. Love this idea Frank. Thanks a bunch.

  5. Terry Kori says:

    Doing all of your business "in the sunshine" is always the best medicine, for all involved. If your Broker/Lender can't compete, then so be it. Time to find another place to work… :)

  6. I love the whole idea! As a REALTOR the better educated my client is the better I feel when we get to the table and hand over the keys to their new home! ~Sherry

  7. Mike Genest says:

    Good Stuff, Frank. As a Title Sales Manager, I have introduced the Tool Kit in all my TRID presentations to Realtors. At the very least they should be familar with it. If the consumer reads it, it will spark many questions that they may not be prepared to answer.

  8. BettyKay Pilcher says:

    I have included the home loan tool kit in my presentation portfolio that is given to my borrowers at our first meeting since it first came out. I also presented it to realtors at a TRID presentation I did last month. I really like it and thank you for the validation today. My goal, especially with first time homebuyers is that they are well educated and comfortable with the loan process. I work closely with my borrowers throughout their transaction and the tool kit is a great outline and reference for the information I want them to have.

  9. Good idea. Loved today's show.

  10. Great idea especially for 1st time homebuyers. However any homebuyer could be helped with this.

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  12. Steve Ervin says:

    You are soooooooo right…NAR and LendingTree have both done studies that indicate that 48% or so of mortgage clients NEVER SPEAK TO A SECOND mortgage company. If you do the presentation section 6 will have no impact on your pull through rate….and the fact that the CFPB is telling people to go back to the first company if they get a better offer from a second company clearly explains why (according to these two studies) of the approximately 50-% of people who DO talk with a second company…half of those stay with the first company. This is great confirmation that this strategy can drive something in a mid-70s percent pull through rate if worked from begining to end…

  13. I wish they would have referenced "mortgage banker" as a source for their mortgage loan. Would definitely be interested in using the Tool Kit as the template for presentations. Good idea.

  14. Have you read the CFPB's "Your Home Loan Tool Kit"? Any professional would know that item #6 (Shop with several lenders) on page 10 directs the consumer to Section D only to compare "Total Loan Costs" between Lenders. This is deceptive and misleading. Section D does not contain any credits the consumer may receive. Also, in a Broker only Borrower Paid originated loan Section D will include compensation that is covered by Lender Credit. This misleads the consumer as the number is not offset by any Lender Credit. This is deceptive and misleading as in a Broker originated Lender Paid or Retail, the offset occurs before placing the net number in Section D.

    If anyone believes the CFPB has produced a helpful and professional Tool Kit, that reflects the real world, needs to first get educated on reality. Please do not become a propaganda machine for such a pathetic anti-consumer bureaucracy. I hope you were not aware of the deception and misleading contained in the CFPB's "Your Home Loan Tool Kit". Now that you are, please make a real world presentation on this anti-consumer Tool Kit. I have personally spoken to two CFPB's lawyers on this topic. They both indicated too bad for the consumer that they could be deceived by the Tool Kit. Both times, each attorney said they would not be changing it even though it had this potential for misrepresentation.

  15. Add to earlier post on Section D. Now look on page 11 of CFPB's "Your Home Loan Tool Kit". Note the deceptive and misleading absensce of Lender Credit when doing the analysis to complete "My best loan offer is:________." Now that you are properly knowledgeable about this Tool Kit that violates Unfair and Deceptive Acts and Practices (UDAP) statutes, please do not promote it as a useful tool kit for consumers. Just as you would not promote a UDAP advertisement.

  16. Have you read the CFPB's "Your Home Loan Tool Kit"? Any professional would know that item #6 (Shop with several lenders) on page 10 directs the consumer to Section D only to compare "Total Loan Costs" between Lenders. This is deceptive and misleading. Section D does not contain any credits the consumer may receive. Also, in a Broker only Borrower Paid originated loan Section D will include compensation that is covered by Lender Credit. This misleads the consumer as the number is not offset by any Lender Credit. This is deceptive and misleading as in a Broker originated Lender Paid or Retail, the offset occurs before placing the net number in Section D.

    If anyone believes the CFPB has produced a helpful and professional Tool Kit, that reflects the real world, needs to first get educated on reality. Please do not become a propaganda machine for such a pathetic anti-consumer bureaucracy. I hope you were not aware of the deception and misleading contained in the CFPB's "Your Home Loan Tool Kit". Now that you are, please make a real world presentation on this anti-consumer Tool Kit. I have personally spoken to two CFPB's lawyers on this topic. They both indicated too bad for the consumer that they could be deceived by the Tool Kit. Both times, each attorney said they would not be changing it even though it had this potential for misrepresentation.
    Add to earlier post on Section D. Now look on page 11 of CFPB's "Your Home Loan Tool Kit". Note the deceptive and misleading absence of Lender Credit when doing the analysis to complete "My best loan offer is:________." Now that you are properly knowledgeable about this Tool Kit that violates Unfair and Deceptive Acts and Practices (UDAP) statutes, please do not promote it as a useful tool kit for consumers. Just as you would not promote a UDAP advertisement.

  17. Have you read the CFPB's "Your Home Loan Tool Kit"? Any professional would know that item #6 (Shop with several lenders) on page 10 directs the consumer to Section D only to compare "Total Loan Costs" between Lenders. This is deceptive and misleading. Section D does not contain any credits the consumer may receive. Also, in a Broker only Borrower Paid originated loan Section D will include compensation that is covered by Lender Credit. This misleads the consumer as the number is not offset by any Lender Credit. This is deceptive and misleading as in a Broker originated Lender Paid or Retail, the offset occurs before placing the net number in Section D.

    If anyone believes the CFPB has produced a helpful and professional Tool Kit, that reflects the real world, needs to first get educated on reality. Please do not become a propaganda machine for such a pathetic anti-consumer bureaucracy. I hope you were not aware of the deception and misleading contained in the CFPB's "Your Home Loan Tool Kit". Now that you are, please make a real world presentation on this anti-consumer Tool Kit. I have personally spoken to two CFPB's lawyers on this topic. They both indicated too bad for the consumer that they could be deceived by the Tool Kit. Both times, each attorney said they would not be changing it even though it had this potential for misrepresentation.

    Now look on page 11 of CFPB's "Your Home Loan Tool Kit". Note the deceptive and misleading absence of Lender Credit when doing the analysis to complete "My best loan offer is:________." Now that you are properly knowledgeable about this Tool Kit that violates Unfair and Deceptive Acts and Practices (UDAP) statutes, please do not promote it as a useful tool kit for consumers. Just as you would not promote a UDAP advertisement.

  18. Hans Bruhner says:

    I like the idea. The CFPB tells the consumer to shop all over the place anyway. I tell them how things work and fully educate the client but this is a good idea to use as a seminar for 1st time buyers. I might just do that.

  19. Leslie De Palo says:

    My broker requires that we send this to all Borrowers, whether first-time home buyers or not. We have a Disclosure titled “Notice of Intent to Proceed With Loan Application” and the Borrowers must initial that they have received the CFPB Your Home Loan Toolkit. In fact, just this week I sent it out in Spanish as my Borrower’s native language is Spanish and I was thrilled to find the entire toolkit in Spanish as well!! In my mind, the better informed the Borrower is and the more we disclose, the better for all…

  20. anjali says:

    “What was home, really? Just a place to lay your head.
    No. It was so much more than that. It was a place where a person belonged. Where a fellow would be missed. It was a part of a man. Something that couldn’t be sold or taken for granted.”
    Good news continues for those seeking home loans or refinancing existing onces.We are leading Home loans,home renovations,construction loans Financial Assistant of Bangalore having over 10 years experience in Banking & Financial having tie-ups with all government Banks. feel free to call 9008133998 / 9964563600.

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