A virtually unknown proposal by the Consumer Financial Protection Bureau would let it impose almost any regulations it wants against any business it deems a “nonbank financial institution.”
“Even the most experienced and hardened mortgage industry players may find themselves taken aback upon careful review of an embryonic proposal by the Consumer Financial Protection Bureau that, if carried to term, would require nonbank financial institutions to register with the CFPB, observers warn.”
Thanks to Cliff & Marie Hackney, Lincoln Data, Inc., for alerting us to this. Check out their website for software for servicing seller notes: http://www.lincolndata.com/
