Comment on CFPB-2012-0037-0049

No matter how you fiddle with Loan Officer Compensation, you are dramatically missing the big picture. As a 15yr plus in the business Loan Officer, I, NOT YOU, actually deal with real people, and real situations every day. I see their wants, needs, and goals. I see their limited choice because of current rules. I see the confusion in their faces as I explain current disclosure forms. Homeowners DO NOT CARE what the Loan Officer makes in compensation. They simply care that they are getting the best deal for their individual situation. If I make more money personally on a loan, and still give them a better deal than the banks... How is that a problem? I used to be able to beat the banks significantly in the past = now I am just equal. How does that help consumers? There are thousands of lenders to choose from. If they don't like what I am offering, they are free to go anywhere else. I see everyday that the more paperwork you put in front of them, the less they care, the less they read. MORE is not better in this case! Generally speaking, consumers are smarter than you give them credit for, and clamping down on the rules "to protect" the bottom 1% is part of the overall problem in America these days. More rules, more guidelines, less choice, unequal Loan Officer education, and unequal disclosure rules are seriously hurting consumers. The fix is simple: Go back to the old rules where consumers had options, make Bank Loan Officers go to school and take State and Federal tests, and have equal disclosure rules for ALL lenders!