CHLA Lauds CFPB For Axing Unnecessary, Redundant IMB Registration Requirements
The Community Home Lenders of America (CHLA) issued the following statement in response to the CFPB finalizing the rescission of rules that had established burdensome registration requirements on independent mortgage banks (IMBS) that were unnecessary and redundant with other existing requirements:
“The Community Home Lenders of America (CHLA) enthusiastically praises the Trump Administration for rescinding CFPB registration requirements that drive up mortgage origination costs, while serving no consumer purpose,” said Scott Olson, CHLA’s Executive Director.
“As CHLA has pointed out in detailed comment letters, the offender registry requirement is redundant with NMLS requirements, and the form contracts registration requirement asks IMBs to disclose waivers of consumer rights that IMBs are not legally allowed to waive in the first place. Rescinding these two requirements just makes sense.”
The Place for Lending Visionaries and Thought Leaders. We take you beyond the latest news and trends to help you grow your lending business.
