What is the CFPB and How will this effect me?

Hello my future home owners!

I don’t know if you have heard but there is a new sheriff in town when it comes to your finances and that sheriff is the CFPB (Consumer Financial Protection Bureau).

What are their jobs? Well let me tell you.

Educate: An informed consumer is the first line of defense against abusive practices.Enforce: Supervise banks, credit unions, and other financial companies, and we enforce federal consumer financial laws.

Study: Gather and analyze available information to better understand consumers, financial services providers, and consumer financial markets.

Now you may be asking, “Well how will this effect my home purchase?” The simple answer is that after August 1, 2015 there will be some major changes to the way your mortgage loan is handled. This is all for your protection but the new process may lead to longer closing periods. The normal closing periods are about 30-45 days. After August 1, 2015 you may have to wait 60+ days.If you want to know more feel free to visit the CFPB website at: www.consumerfinance.gov

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