CMBP News
CMBP Signs Joint Letter Urging Broad QM
The CMBP has co-signed a joint industry/consumer letter urging the Consumer Financial Protection Bureau to promulgate a broad qualified mortgage (QM) as part of the ability-to-pay regulations. Lenders will be required to confirm a borrower’s ability to pay the loan once these regulations are effective and the QM standard ensures that lender’s will have clear guidelines on how to meet the ability to pay requirement. A broadly drawn QM will continue a flow of affordable credit to homebuyers, while a narrowly drawn QM will restrict financing and cripple the nascent housing recovery. View a copy of the letter here.
CMBP FHA Working Group
CMBP’s FHA Working Group has met with Department of Housing and Urban Development (HUD) management to discuss our Position Paper calling on FHA to take steps to restore the historic partnership between the agency and its approved lenders that has been at the heart of FHA’s effort to fulfill its mission of providing affordable mortgage credit to low and moderate income borrowers. The meeting with HUD management was a productive and candid dialogue that should lead to additional exchanges in the future. View the Position Paper here.
CMBP Mission -
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Around the Nation
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For decades, the traditional, independent mortgage banker has delivered value and choice to consumers by leveraging local market expertise, quality service, and the ability to sell into the secondary market on a “best execution” basis that lowers costs for borrowers. Today, those benefits are at risk due to legislative and regulatory proposals that could accelerate consolidation of the mortgage industry into the hands of a few mega lenders. The Community Mortgage Banking Project (CMBP) is a coalition of lenders that have come together to support legislative and regulatory reform of the mortgage market that will support and enhance: