Regulatory Relief for community-based, independent lenders

  • CFPB exams only upon referral from another regulator
  • Improving labor market flexibility by establishing a transitional license for registered loan originators moving to a new job that requires a license – Approved and Signed May 24, 2018
  • 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

THE CMLA   Advocacy