Profile: neubauer6
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How is sending an email too expensive? As far as I was aware, emails are free to send en masse. The loan servicing software used already produces delinquency reports. That’s how a servicers know to foreclose in the first place. There would be a one-time resource cost to pay somebody for the hour it would take to draft/approve a generic email, but the CFPB is providing most of these templates anyway. Why can a loan servicer not afford to pay the $0.0000000000000000000000001 in electricity & internet connectivity costs it would take every year to send these emails?
How…you’ve given a concrete stance w/ absolutely no statistics to back it up. I’ve given well thought out and detailed arguments for why everything should be treated evenly. Rather than just stating there’s no merit, how about providing actual information?
I don’t have all day to troll on here but I’ll take the time to respond to this one. I don’t know if you have ever had an account with a smaller financial institution that knows your name when you walk in the door. That being said, the top few points you made deal with public health and safety, and the last deals with education. If you can please tell me how they relate to the financial industry that would be swell.
My point is that in a small institution you will be able to speak with a person, either on the phone or face to face. They will always be reachable and in most cases you will be able to talk directly to the person who originated your loan. You would not get transferred 3 times and given the run-around that a large instituion tends to do. A small institution… more »
Thank you kindly for your response, and please allow me to clarify a few points:
1) What I was clearly doing was bringing up examples of other “service” industries in order to illustrate the obvious connection that regulation in every other “service” industry is the same, and yet as soon as the words “mortgage” or “financial” are placed in front of the word “service” the regulations suddenly change. You are failing to see the forest for the trees. I’m not as easily fooled. This is why I compare the health “service” industry to the food “service” industry to the financial “service” industry.
2) In regards to your argument about small businesses being reachable, once again, laws have to… more »
3) I know exactly how much it costs to make a system change. I know what systems are involved. In fact, if your small business is strapped for cash, I’d be more than happy to offer my services to assist in creating the templates necessary to create and send out a monthly bill to a customer. I’ll do it for very cheap, because it’s very easy to do. As a matter of fact, it’s a feature built into any office program. If your mom & pop bank has Microsoft Office, they can do it within an hour. If they don’t, they can download the freeware OpenOffice suite to accomplish the same task in the same amount of time. I can link everything to a SQL database, but as we’re discussing a small mom & pop shop with 1-30 employees, they likely don’t have enough customers to necessitate SQL servers.
As a former employee of the mortgage servicing industry for clients such as JPMorgan, Wells Fargo, Bank of America, Countrywide Home Loans, Aurora Loan Services, IndyMac Federal, OneWest Bank, Financial Freedom, Saxon Loan Services, Select Portfolio Services, PennyMac, Wachovia, Compass Bank, Downey Savings & Loans, GMAC, Homecomings Financial, Ally Financial, and more, I’d be happy more than happy to address any further concerns you may have and provide any additional training or education you may need in order to fully understand these rules as well as I do. « less
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Yes, and after calling 3 times and sending 3 emails, they must send 3 singing telegrams. Let’s be realistic here, the borrower needs to take some responsibility since they should know they are delinquent on their loan. I think three phone calls on three separate days is more than a good faith effort. If the consumer fails to notify the bank that they changed their phone number, it once again points to the negligence of the consumer. These rules are so restrictive that new systems and staff training has to be implemented. This is going to drive up the costs and fees associated with getting a mortgage in the first place.
One phone call or contact of some sort should be more than enough effort on the lender’s side. The consumer knows they are delinquent and needs to take… more »
It would be beneficial to have a proper breakdown of where a mortgage payment is going. My current lender puts the information on the statement but it is so disorganized that I can’t tell what went to interest, escrow, PMI, etc.
This would be another software change that would require more of an expense to financial institutions. The cost of these changes has to be made up in income, which would ultimately come as a charge to the consumer.
The comparisons you are making have no merit. You are missing the point here. Requirements like these can regulate smaller banks and credit unions right out of business. Then your only option would be to use a Wells Fargo-type bank for your mortgage loan. Small, rural institutions know their customer base and always make themselves available.
I don’t have all day to troll on here but I’ll take the time to respond to this one. I don’t know if you have ever had an account with a smaller financial institution that knows your name when you walk in the door. That being said, the top few points you made deal with public health and safety, and the last deals with education. If you can please tell me how they relate to the financial industry that would be swell.
My point is that in a small institution you will be able to speak with a person, either on the phone or face to face. They will always be reachable and in most cases you will be able to talk directly to the person who originated your loan. You would not get transferred 3 times and given the run-around that a large instituion tends to do. A small institution… more »