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Looks like the VA IRRRL is now under fire from Elizabeth Warren and the CFPB.



additional comments on
"VA IRRRL Deals Under Fire"

  1. Scott says:

    boys, boys, boys. Warren is only looking at this because the Big Banks who wine and dine her are upset because they are losing loans in their servicing portfolio’s. Why are they losing loans? Because true mortgage companies are kicking their ass in originations. Warren and the other fat cats in DC are just following the marching orders they are given by their “donors” not the people they are supposed to serve. There is nothing more to this then a bunch of banks who are getting killed by other originators because at Big Bank they don’t care about the customer, they only care about the money. CFPB and Warren are just being there typical stupid selves.

  2. John Smit says:

    I agree that you can’t legislate a problem away. What Warren seems to be latching onto are the Veterans who were promised that “there would be no cost to you to do this refinance” and were not self reliant enough to look a the LE giving to them that shows the thousands of dollars that was financed into the new loan amount. If there is any abuse of this program it is there. Lenders charging bunches of dollars up front to buy down to a lower rate and doing it in such a way so that the borrower does not fully understand what is happening. There should be some limits on what can be financed into the new loan in my opinion.

    1. SarcasmDetector says:

      That’s the problem with Liberals like Warren; they believe they can regulate away all problems, but that can never happen. She uses anecdotes to make it sound like Veterans are getting the shaft by ‘evil’ originators. Does it ever happen? Sure. Is it prevalent? Certainly not. I’ve closed dozens and dozens if IRRLs and have yet to see a case where it appeared the lender was doing something devious.

  3. Belle Stier says:

    Loved the show today! Thanks for the well researched content. The CFPB is on it’s way out.

  4. Jody Richards says:

    Doesn’t there have to be a benefit to the borrower to even do an IRRL

    1. Michele says:

      YES! And it has to be documented. I’m not saying some lenders don’t overcharge for services. But, that is not just isolated to IRRRLs.

  5. Orville Smith says:

    Why can’t the CFPB find out who hacked Equifax and punish the hell out of them.
    How come we never catch the hackers and make an example?

  6. Diana Cessna says:

    How about looking into lenders that overlay an appraisal requirement on VA IRRLs? Unlicensed customer service reps and call center employees do not know that appraisals should not required and erroneously advise Veterans and mislead them, sometimes into default.

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