The Community Mortgage Lenders of America’s (THE CMLA) incoming Chair, Kim Curtis, announced today THE CMLA Board has selected Ed Wallace, a longtime mortgage lending executive, to succeed retired Executive Director Glen Corso. Mr. Wallace will lead THE CMLA into its second decade representing Main Street mortgage lenders. [Download pdf]
“Ed Wallace is the candidate we knew we wanted before we even met him,” said Ms. Curtis, CEO of Tidewater Home Funding of Chesapeake VA. “He combines deep and varied executive and operations experience within the mortgage banking world, a background in sales and marketing, and a track record of getting things done. On behalf of the Board, I am extremely pleased to have him lead our organization.”
“THE CMLA brings together men and women to ensure the success of small lenders that remain key to helping families and communities achieve safe and sound homeownership. We have a vital mission, and challenges ahead to prevent additional market concentration toward ever-larger financial firms that care more about Wall Street than Main Street,” said Mr. Wallace. “I am proud to join this energetic and cutting-edge organization.”
The Community Mortgage Lenders of America was founded in 2009 as part of Lenders One, the nation’s largest lender cooperative. Today THE CMLA is an independent trade organization pursuing (1) regulatory relief for small lenders doing plain vanilla lending, as well as (2) finishing the work of making Fannie and Freddie public utilities, rather than creating complex and untested secondary markets that hand over more market power to the biggest financial firms.
THE CMLA recently lobbied for legislation, now law, to protect FHA lenders whose Compare Ratios became elevated solely due to recent natural disasters. It is joining other trade organizations pushing for a CFPB Commission structure so that agency functions more in line with other U.S. regulatory agencies.
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This statement rendered on behalf of the Board of THE CMLA, a trade association dedicated solely to advocating for independent, community-based residential mortgage lenders, both mortgage companies and community banks. Founded in 2009, THE CMLA is committed to the preservation of a thriving independent mortgage-lending sector, which increases competition in the industry and thus provides borrowers with greater choice and lower costs.