mortgage banking

Getting a Better Mortgage Grade from the CFPB

In my high school Spanish class, I hated it when the teacher assigned group projects. Learning a new language was problematic enough and adding the element of speaking to each other in a foreign language made it doubly difficult. Both of us would struggle to come up with the correct words, tense and sentence structure, while trying to understand each other.

If one of us spoke in English, we were both penalized. However, compared to getting a good grade, this aversion I had to group projects didn’t matter. We had to speak the same language—Spanish—and that was all there was to it.

Starting a Dialogue Between Mortgage Systems

There are many languages in the world; some of them are more difficult than others. In a recent article by The Title Report, Dan Miller, Chief Executive Officer at RightNow Consulting, was credited with the idea of “strongly urg[ing] the crowd to start a dialogue with independent mortgage companies about how they view compliance.”

With the Consumer Finance Protection Bureau’s regulatory policies being implemented this coming year, his proposal is important to consider.

How can the mortgage and title companies start a dialogue between their systems?

Over time, I became quicker to respond in Spanish class during group projects. An actual dialogue was being produced. This would have been impossible to achieve had I simply memorized vocabulary words for the test. Robert Hutchins, an American philosopher, once said that “the object of education is to prepare the young to educate themselves throughout their lives.” My high school Spanish class showed me that collaboration helps to create better communication.

What’s stopping the mortgage closing industry from starting this kind of collaboration?

If you like our blogs, sign up for our newsletter to get monthly updates delivered to your inbox!

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply