If there are winds of change at the Consumer Financial Protection Bureau (CFPB), small and midsized nonbank mortgage lenders are hoping to slip the clutches of the consumer watchdog they say is, in many ways, duplicitous and unnecessary.
In a letter sent Wednesday to CFPB acting director Russell Vought, the Community Home Lenders of America (CHLA) offered four recommendations to streamline the supervision of independent mortgage banks (IMBs).
- The CFPB should exempt smaller IMBs from exams, pursuant to the Dodd-Frank statutory
requirement to tier supervision by firm size, volume, and risk — and limit exams of details ⇒BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com