The Community Mortgage Lenders of America, on behalf of its membership consisting of mid-size and small, independent mortgage banks, banks and credit unions, endorses the Give Useful Information to Define Effective Compliance Act.
The CMLA’s Executive Director, Ed F Wallace, Jr. PhD, stated in support of the legislation:
This bill will direct the Bureau of Consumer Financial Protection to implement a process issuing clear and useful guidance for lenders to follow so they can adhere to the consumer financial laws overseen by the Bureau. Having the Bureau work better with lenders so that we know what we need to do for borrowers – with RESPA, HMDA, and other laws, will allow us to better serve home loan borrowers. Even though the Bureau’s regulations create the parameters for much of our mortgage lending, the lack of transparency and clarity in some of the supervision and enforcement has created some confusion in the lending process due to differentiating interpretations of the regulations. This Act will help consumers by ensuring mortgage lenders fully understand the regulations and are consistent with their intent without guessing how the Bureau will critic those loans. Clarity from the Bureau will be a win for both homebuyers and lenders.