On Wednesday, Richard Corday announced that he’ll be stepping down as the head of the CFPB effective December 1. Of course, we’ll need a replacement, so in steps the interim option… Mick Mulvaney. Mulvaney is currently the Director of the Office of Management and Budget and according to several tweets (I’m just kidding I believe the President made a formal announcement) President Trump has Mulvaney pegged to take on the new role. What does this mean for the CFPB? I have no clue, but I do think we’ll start to see a loosening of certain regulations (essentially enforcement actions against financial institutions) that were previously deemed as harsh… as well as a hard look into how we’re determining what is or isn’t a “Qualified Mortgage”.
I posted an article a few weeks back that touched on the QM Patch and why private capital hasn’t moved back into our industry yet. I honestly believe that Mulvaney and the powers that be will review QM rule which could potentially lead to a much-needed infusion of private capital into the mortgage market. I’ll be very curious to see how the change unfolds. What are your thoughts?
I’ll admit it… I’m moving a bit slower than normal today, but at least I’m doing it with another Steelers victory notched on the belt. It wasn’t exactly the “shootout” that I excepted… however I did call the no huddle going into effect AND more Big Ben style play calling. It was a fun game to be at, but these Thursday games are tough to rebound from. I mean the games do not start until 8:30 and on any other night
I’m already starting to crawl into bed. That said, it was a great time and as always, I enjoy watching our new nations pastime live and in person. If you’re ever interested in going to a game let me know!! I have an extra this season and Steeler Nation is accepting new applicants!