WASHINGTON, D.C. – Yesterday, members of The Community Mortgage Lenders of America met with Director Kraninger and key staff to discuss four (4) specific topics.
The interactive discussions were focused on:
- Tiered Regulation for IMBs
- LO Compensation Rule
- Safe Act, Licensing Bank LOs
- QM Patch and Transition
The focus of the meeting was to give CMLA members the opportunity to discuss these topics directly and openly with the Director, and for her to hear from industry practitioners rather than trade association staff. The CMLA members led the discussions which allowed all parties to provide specific narratives on each point.
“I felt the meeting was extremely productive”, said Bill Case, President of American Mortgage Service Co., “The Director was very engaged in every topic and welcomed the feedback and insight everyone provided.”
“By the Director’s questions, we realized that she has a true understanding of midsize and small lenders and the role they play in the industry,” said Yvette Crabtree-Dobbins, Chief Compliance Officer for Southwest Funding, LP. “We were looking for our voice to be heard, and that is what happened.”
Director Kraninger stated that she fully understands the balance of regulation and her goal is to be as transparent as can be in the development as well as implementation of regulations.
The Community Mortgage Lenders of America is an industry advocacy group solely focused on the concerns of midsize and small community-based lenders.