WASHINGTON, D.C. – Michael Jones, CFO of Thrive Mortgage will be the new Chairman of The Community Mortgage Lenders of America. Michael has been a member of the Board since 2017 and has served as the Treasurer prior to his election as the new Chair.
Michael will replace Kim Curtis, President & CEO of Tidewater Home Funding, LLC, who completed her term at the end of 2019 and will remain on the Board.
Michael, a 2019 HousingWire Vanguard Award recipient, will be focusing his agenda on topics which are key to the viability and continuation of midsize and small lenders throughout the country.
“My primary focus for the CMLA right now is to make sure that midsize and small community-based lenders have a voice when it comes to the CFPB, TRID, and the GSEs. These are the make or break topics for our members and future members. Independent Mortgage Bankers have and will continue to be essential to the overall market, and I want to make sure the unique needs of IMBs are not only heard but fully understood by policy makers and regulators,” said Michael.
Two primary objectives which will be on The CMLA’s agenda are:
1. Loan Officer Compensation Rule
· Allow loan originators to voluntarily lower their compensation in response to demonstrable competition in order to pass along the savings to the consumer.
· Allow lenders to reduce a loan originator’s compensation when the originator makes an error.
· Allow lower compensation in order to offer loans made under state and local housing finance agency (HFA) programs.
2. QM Patch
· A solution that does not diminish market conditions and allows for midsize and small lenders equal ability to provide the necessary loan programs to all borrowers.
Michael added, “A quote by Theodore Roosevelt is very applicable to our industry and the way we do business is.”
It is not the critic who counts; not the man who points out how the strong man stumbled or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly.
“I look forward to working closely with Michael on our efforts in DC,” said Ed Wallace, Executive Director of CMLA. “His insight has always proven to be on point, and I know he will do a tremendous job for our members as well as the industry.”
The Community Mortgage Lenders of America is an industry advocacy group solely focused on the concerns of midsize and small community-based lenders.