Changing the Loan Application

This morning there is more discussion regarding changing the current loan application.  I don’t know how much money the CFPB spent to change the good faith estimate but I would say the new closing disclosure is better than the old one.  However, the loan estimate isn’t that much different from the good faith estimate and all the rule changes in October severely impacted consumers as they were trying to close loans.  If there is going to be a change to the loan application it would be nice if the the CFPB actually went and sat with some loan officers so they would see that the average consumer no longer ever fills out a loan application it’s all done by the loan officers.