Former CFPB official set to profit as community bankers ponder mortgage arena exit

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The ex-CFPB Deputy Director Raj Date has attracted criticism for creating a mortgage company which competes in nonqualified mortgages, a category of loan he helped create at the Consumer Financial Protection Bureau. While Date's conduct has its critics and defenders, one thing is certain: Community banks have been pushed out of the mortgage business by the rules Date helped write, and Date's company now plans to soak up the extra loans.

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