Mm-hmm

... after the great financial crisis, but having lived with it for as long as we have, it certainly needs changes and reforms.

The one thing I, I would highlight is sometimes you see people say, "Well, CFPB should just repeal the rule." That would be terrible.

[laughs] And the reason that would be terrible is the underlying statute, which Congress needs to modify or repeal, is actually even more onerous.

Like, people forget, for example, that per the terms of the statute, if the creditor pays the loan officer, the consumer can't pay any, like, points and fee charges.

And the CFPB looked at that and in the rule said, "You know, that's kinda nuts.

The entire mortgage [chuckles] business kind of works on that model." And so they created an exemption from the statute for those instances.

Hmm