Maybe you have heard of them, maybe
not. One thing is for sure though, the Consumer Financial Protection Bureau
(CFPB) is here not only helping you, but they are also looking out for your
best interest.
The CFPB is basically the new sheriff in town and looking at what it is they do
and can do for you. This sheriff is a real force to be reckoned with.
The CFPB was created essentially to
not only address the failures of consumer protection through creating a new
financial agency that will focus directly on consumers, but it was also
intended to take that process away from the banks.
This bureau will operate under the
Federal Reserve and serves the purpose of helping the consumer in a variety of
useful ways, including.
·
The bureau is very much comparable
to a cop in terms of rule making and enforcement. They make the rules that
mortgage companies must abide by and they then go out of their way to be sure
those rules are being followed.
·
With the new rules and actual
enforcement in play, the CFPB has and is effectively cracking down on shady
operations. This is essentially protecting you, the consumer, from being taken
advantage of by a mortgage company.
·
They have a call center for
complaints that is pretty self-explanatory .But for those of you who need it,
think of calling Dell tech support but for consumer support on things related
to purchasing a mortgage.
·
In terms of promoting financial
education, the CFPB wants to keep you in the know on the ever changing rules of
the ball game that is mortgage brokering.
·
They research consumer behavior so
that the CFPB can better help the consumer in terms of offering effective
advice as well as protecting them.
·
They also monitor financial markets
and are on the lookout for possible problems that could arise for you, the
consumer.
·
As one final act as sheriff, the
CFPB enforces anti-discrimination laws to better help everyone into the house
of their dreams.
Here to Help
The list above covers the general
purpose of the CFPB. The CFPB has essentially been brought into play for the
sole purpose of enforcing the law upon those companies that seem to not value a
single shred of integrity and that have no moral high ground.
At Indigo Mortgage, we think
differently and are glad that such an agency has come on the scene to enforce
good behavior in the mortgage and credit industries. We have always believed in
integrity and we welcome the CFPB and its process for protecting the consumer
with open arms.
