Another day, another letter from a legislator to the Consumer Financial Protection Bureau.
Sen. Max Baucus (D-Mon) is the latest to get in on this trend, writing last week to the Bureau about issues facing auto dealers in his home state. He says he stands “with auto dealers in Montana in supporting reasonable and effective policies to protect consumers from unlawful lending practices and discrimination.”
He also asks for “greater transparency” from the CFPB.
A letter was sent by a group of 22 senators last month, and by a group of Representatives earlier this year.
Read Baucus’ letter here.
Mike – I got really excited when I read your post and was so over caffeinated while typing my response that I failed to mention one of our most important features that speaks to your point. 😉 Our members have detailed profiles with the particular guidelines you mentioned. In addition, buyers are alerted when loans of interest to them are for sale.
We are also moving toward more sophisticated alerts for sellers when buyers submit their requests to our seller market.
Also, we share your big idea – we have been working with other service providers (loan origination software providers, DMS systems, etc) with whom we could integrate to eventually create a much more seamless model for regular buyers of loans that you are talking about, but with a lot of flexibility – some buyers want flow agreements to their specs and private marketplaces, and others buy – and turn around and sell – more sporadically.
Thank you for starting this dialogue – it has been very helpful to me already! Look forward to hearing more from you and everyone else.