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Whether it’s a Jamba Juice, a car wash or a new home — it doesn’t matter what you buy these days, you will inevitably receive some sort of request to complete a survey after your purchase is complete.

In fact, some businesses and service providers are clever in leveraging discounts to encourage you to not only grade your recent experience with them but to get you back into their store again.

Although, in the financial services industry, specifically in the home loan arena, many of you are probably not aware that your reviews and surveys have a huge impact in determining the cost of your loan and the next person’s loan after you and so on.

Under the Dodd Frank Act, Congress has authorized the Consumer Financial Protection Bureau to take legal action against those that violate federal consumer financial laws.

This might include requiring a person or company to compensate its victims for any harms. The compensation is generally called “redress.”

In some cases, when the available redress is insufficient to fully compensate consumers for any harm they have suffered, the Bureau may compensate these victims from the Bureau’s Civil Penalty Fund instead.

And guess what? The money in the Civil Penalty Fund comes from penalties that the Bureau obtains in enforcement actions against entities and individuals who have violated the law.

Therefore, your lender spends a lot of time and money trying to make sure that you have a great experience with them.

Even though it’s not necessarily in the form of flashy gift cards or special pricing promotions, all of which are fantastic for certain businesses to use, it’s done through monitoring the full life cycle of your loan.

For example, there are four common objectives of how your lender monitors each of their loan files.

The first is transparency. It’s where you must be able to understand the pricing, terms, conditions and risks of the loan you obtain.

The second is fair treatment. It’s centered on not deceptive or unsafe loan products being offered as well as the service providers who offer them not being abusive or aggressive to you.

The third is risk reduction. It’s about your lender taking reasonable steps to identify, monitor and mitigate any risks surrounding fraud or inadequate handling of your personal information.

The fourth is effective recourse. It’s when your lender has an established system in place for handling queries, complaints or problems.

If you receive a post-close survey from your lender, please take the time to fill it out.

Without a strong sample of surveys to review, your lender won’t be able to provide the government with acceptable proof that their consumer protection objectives are being met.

If your lender is not meeting certain standards, they will be fined. Please be mindful that nobody is perfect, we are all humans and from time to time everyone makes a mistake.

However, be vocal. Don’t wait until your transaction is complete to voice any unhappy feelings as that post-close survey could be expensive.

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Chris Salese can be reached at or 707-363-4439.