Some Astute Concerns About Disparate Pricing, Assumable Loans, and the CFPB Complaint Database

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Posted To: Pipeline Press

Well, the rate lock renegotiation discussion continues, and here is one angle that I hadn't seen raised. "Lately we have been working/wrestling with the complex issue of 'disparate pricing.' After reading your commentary I am concerned that renegotiating a borrowers rate will not only cost us money on the execution side but also exposes us to charges, fines and lawsuits related to giving a non-protected borrower a better rate than a protected borrower simply because one forced me to renegotiate and the other didn't. Do you think there is any merit to this concern?" Let's hope the answer isn't that mortgage bankers have to drop the rates on their entire pipeline to avoid CFPB accusations of disparate pricing. Yesterday the commentary noted how the " assumability " of some loans will impact not...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/04122013-flood-insurance-disparate.aspx

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