🚨 Shopper Monetary Safety Bureau (CFPB) Dismantled? Mortgage trade shake-up alert! 🚨
Pavan Agarwal, CEO of Solar West, dives into the potential dismantling of the CFPB and why this may NOT be the victory some are hoping for.@PavanCelligence pic.twitter.com/K1VFV0xd1l
— Solar West Mortgage Firm, Inc. (@SunWestMortgage) December 17, 2024
“If they’re in worry of being trimmed dramatically by the Trump administration, they’re setting the stage for states to take over the place they left off,” Agarwal mentioned, “and that’s truly worse for the mortgage trade as a result of now [we’d] need to take care of a patchwork of rules.
“I’d quite have the regulator you understand, and is sensible, versus the regulator you don’t know, and hopefully they’re good. Watch out what you would like for – it might not come out the way in which you assume it’s going to be.”
‘It’s a slippery slope if we go too far’
Whereas Chicago-based dealer Mike del Preto (pictured beneath) of A and N Mortgage Companies, Inc. mentioned among the Bureau’s focuses within the mortgage area can often appear to be overreach, it clearly has good intent. “I’ve been a really sincere and clear open e book of a mortgage lender so for me, it’s actually only a breath of recent air,” he mentioned.
“We should always all be doing issues within the purchasers’ and customers’ greatest pursuits, and treating our purchasers like we’d wish to be handled. I believe the CFPB normally is meant to place the patron first and shield them.”
