THE CMLA’s 2019 POLICY AGENDA
Regulatory Relief for community-based, independent lenders
- CFPB exams only upon referral from another regulator
- A statutory definition of responsible, small community-based lenders that would be eligible, on an equal basis, for all current and future exemptions from regulatory requirements
GSE Reform that will preserve equal, capital markets access for independent,community-based lenders
- Recapitalize and reform Fannie Mae and Freddie Mac
- Convert Fannie and Freddie into utilities providing the liquidity and products to lenders that will allow them to serve the home financing needs of consumers
- Ensure that Fannie and Freddie will continue to serve community-based, independent lenders on an equal basis, including equal pricing and other terms, with all other lenders
- Establishment of a comprehensive regulatory framework that will focus GSE purchase and securitization activity on traditional mortgage products underwritten to appropriate standards, with flexibility to address affordability needs, particularly for first time and minority buyers
Loan Officer Compensation, allowing adjustments in the compensation paid to Loan Officers based on the following:
- Loan originators to be allowed to voluntarily lower their compensation in response to demonstrable competition in order to pass along the savings to the consumer.
- Loan originator’s compensation to be allowed to be reduced by the lender when the originator makes an error.
- Lenders to be allowed to alter loan compensation in order to offer loans made under state and local housing finance agency (HFA) programs as well as those programs offered with lower margins due to specific arrangements between the lender and program sources such as portfolio lenders or independent investors.
- CFPB to explore ways to generally simplify and clarify the LO Comp rule. The rule broadly prohibits compensation based on loan terms or proxies for terms while providing a short list of expressly permissible compensation factors.
- To continue the QM patch indefinitely or the development of a policy allowing the standards associated with the patch to be established for the industry.
THE CMLA Advocacy
- The CMLA writes letter to Chairwoman Waters and Ranking Member McHenry regarding Committee on Financial Services Hearing “Housing In America: Assessing the Infrastructure Needs Of America’s Housing Stock” (5/3/2019)
- The CMLA Loan Officer Compensation National Call To Action (5/1/2019)
- The CMLA’s Written Senate Testimony Concerning The Future Of The US Secondary Market (3/26/2019)
- THE CMLA Meets With The CFPB On Loan Officer Compensation Rule and Risk-Based Oversight (3/14/2019)
- THE CMLA Meets With The Treasury To Discuss GSE Reform (3/14/2019)
- The CMLA Writes Letter In Support Of Mark Calabria As Director Of FHFA (2/28/2019)
- The Community Mortgage Lenders of America (THE CMLA) Writes to U.S. Senate Committee on Veteran’s Affairs Regarding Concerns With Blue Water Navy Veterans Act (2/26/2019)
- The Community Mortgage Lenders of America Reiterates Its Long-Standing Position Regarding GSE Reform (2/14/2019)
- THE CMLA Supports The Nomination of Seth D. Appleton for Assistant Secretary for Policy Development and Research at the Department Housing and Urban Development (HUD) (12/14/2018)
- THE CMLA Applauds Senate Confirmation of Kathy Kraninger (12/6/2018)
- The Community Mortgage Lenders of America (CMLA) supports the nomination of Michael Bright as President of the Government National Mortgage Association (Ginnie Mae) (11/27/2018)
- THE CMLA Submits Comments On The Uniform Mortgage-Backed Security Proposed Rule. (11/15/2018)
- THE CMLA Issues Letter In Support Of The Self-Employment Mortgage Access Act (11/14/2018)
- THE CMLA Issues Letter On Loan Officer Compensation (11/14/2018)
- THE CMLA Joins Coalition Support For Kathleen Kraninger As Next Director Of The BCFP (11/14/2018)
- THE COMMUNITY MORTGAGE LENDERS OF AMERICA ASKS THE SENATE TO CONSIDER CAREFULLY HOW TO FIX TRANSITIONAL ISSUES FOR VA IRRRL PROGRAM (10/11/2018)
- THE CMLA ANNOUNCES THE APPOINTMENT OF MARLA GUILLAUME TO THE BOARD OF DIRECTORS (10/9/2018)
- Notice of Proposed Rulemaking to establish regulations to implement the 20 percent deduction for Qualified Business Income (10/1/2018)
- Loan Origination Compensation Rule – Joint Trades Letter (9/27/2018)
- Give Useful Information to Define Effective Compliance Act (9/18/2018)