If you are interested in mobile home lending as I am then it is time to face the facts that we cannot continue business as usual. The Safe Act only woke me up to the myriad of laws that we should be complying with and are now going to be enforced by the CFPB.

If you have not read any of Ken Rishel’s post then you need to search the forums (and internet) and read some of his information. The CFPB is a serious threat to our business model and it appears we are not going to get any concessions. Just look at http://www.consumerfinance.gov. Several large links for consumers to file complaints but no link anywhere on the site to assist businesses with becoming compliant.

I am currently trying to figure out if it is worth the effort to become compliant or pursue other investing strategies. I may not be able to bridge the gap between being a small investor and the cost of becoming compliant.

My only chance is to work with other small investors to develop strategies to meet the demands of this new government entity.

How can we work together to meet these challenges in a cost effective way.

Examples of Federal laws that you should be in compliance with and should make yourself aware of. There are very real fines and even criminally penalties at stake and now an enforcement agency that is crusading to enforce these laws. No more flying under the radar.

Safe Act
Fair Credit Reporting Act (FCRA)
Fair and Accurate Credit Transaction (FACT)
Red Flag
Gramm-Leach-Biley Act (GLB)
Equal Credit Oppurtunity Act (ECOA)
Community Reinvestment Act (CRA)
Homeowners Equity Protection Act (HOEPA)
Patriot Act
OFAC
Truth in Lending Act (TILA)
Now add your states laws.

I have some suggestions but want to wait and see others response to this issue to see if anyone is interested or feels the need to act.

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Time to Face Federal Compliance Issues of Mobile Home Lending

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