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The Community Home Lenders of America (CHLA) sent a letter on Thursday to the Consumer Financial Protection Bureau (CFPB) that urges the agency to adopt and implement a series of rules to protect homebuyers from so-called “dual compensation” arrangements during the homebuying process.
The Community Lenders of America is calling for indemnification rather than forcing agency sellers to repurchase loans. Those mortgage bankers have had to sell these in the scratch-and-dent market at steep discounts at a time when the GSEs have increased the share of loans they review for manufacturing errors.
CHLA Asks CFPB to Protect Consumers from Harmful “Dual Compensation” Arrangements in Homebuying Process
The Community Home Lenders of America (CHLA) today sent a letter to the Consumer Financial Protection Bureau, asking the agency to adopt basic rules to protect homebuyers from situations where one individual may control both the brokerage and mortgage origination functions. Such control by one individual in a home purchase transaction could lead to conflicts that harm the financial interests of the consumer.
CHLA sends a letter to the CFPB asking for actions to protect consumers in the case of loan originators receiving dual realty compensation – including… Read More »CHLA Asks CFPB for consumer protections on use of dual compensation