THE CMLA’s 2021 POLICY AGENDA
Urging Congress to consider and pass HR 3172, The Helper Act, providing no-down mortgages for every local protector, educator, and responder.
- Giving these working families more options to buy a home and live near where they work
- Will be housed at HUD
- Will be paid for by upfront insurance premiums (3.6%) so taxpayers protected; no monthly MI.
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 the companies to a reasonable level consistent with actual risk; move toward administrative release with safeguards.
- 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.
- Ensuring that harmful PSPA amendments from January 2021 are suspended permanently.
- 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
- CMLA again calls for FHA premium reductions (7/22/2022)
- CMLA says FHA premiums must be cut today. (11/18/2021)
- CMLA statement on Sept 14 announced changes to the PSPAs affecting Fannie and Freddie (9/15/2021)
- Letter Voices Concerns About Various Product and Program Constraints Contained in Recent FHFA Treasury Amendments (5/11/2021)
- CMLA Collaborates With Other Trades On Letter Regarding QM Definition (2/11/2020)
- THE CMLA APPLAUDS THE CFPB FOR PLAN TO EXTEND QM PATCH (1/21/2020)
- Michael Jones Selected As New CMLA Chair (1/8/2020)
- CMLA Joins ICBA, CHLA, and LBA In Letter To FHFA Regarding GSE Capital Rule (12/19/2019)
- The Community Mortgage Lenders of America’s Statement on FSOC’s 2019 Annual Report (12/9/2019)
- MAIN STREET GSE REFORM COALITION COMMON GSE REFORM PRINCIPLES (10/22/2019)
- The CMLA Calls on US Senate to Protect Veterans Buying Homes From Becoming De Facto Congressional Piggy Banks. (9/24/2019)
- The CMLA says Congress has gone too far in taxing younger veterans, active-duty personnel for VA home mortgages (9/3/2019)
- CMLA Members Meet With CFPB Director Kraninger (8/16/2019)
- The CMLA Joins ALTA To Stop Real Estate Wire Fraud (6/28/2019)
- THE Community Mortgage Lenders of America Again Calls Out The Urban Institute For Corporate-Backed Lobbying (6/12/2019)
- 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)