#MondaysMotivation – The new CFBP rule is out! And the black hole has been filled! The “old” 4 day rule is out, and the CFBP does a great job in giving clarity on what can “reset tolerances” in a loan. I think they got this one right for sure. It’s great to see regulators not only making the laws to help protect consumers, but revising the laws to provide clarity and ease of use!
Half the battle of all lending laws is having interpretation and implementation to systems and processes to help enforce them. In this round, the CFBP got it right. Check out the full video as I explain my interpretation, and how they make it easier to allow for a REVISED CD to reset tolerances.
As always I suggest you be more accurate than ever before upfront. In fact you should input fees’ less common and be prepared for “inspections” and other transfer fee’s upfront. No matter what it’s always better to go down than to go up.
This week I’m expanding my lending roster, and welcome helping your arsenal of lenders too! #LetsDoBusiness
As Always #SellWell