Advocacy
CHLA submits comment letter on illinois CRA draft regulations
CHLA submits a formal comment letter on the draft regulations to implement the Illinois CRA law for IMBs – including a proposal to increase minority and low-income loan originators and changes to reflect the IMB business model
CHLA asks ICE Mortgage Technology for relief from excessive user seat charges
CHLA send a letter to ICE Mortgage Technology President Bowler reiterating a request in a December letter for ICE user seat charges to decrease when user seats decrease, just like they increase when user seats increase for an IMB. The letter notes this is the type of practice that led CHLA to oppose ICE’s proposed purchase of Black Knight.
CHLA asks CFPB for safe harbor/small IMB exemption from proposed CFPB registry rule
The Community Home Lenders of America (CHLA) formally submitted a comment letter to the CFPB, asking for: (1) safe harbor compliance status for IMBs that comply with NMLS reporting requirements for agency and court orders, and (2) an exemption for all but the largest IMBs from a proposed new requirement to designate a senior executive responsible for compliance with such orders.
CHLA Letter seeks smaller IMB exemption from duplicative burdensome CFPB proposed rule on form contracts
The Community Home Lenders of America (CHLA) sent a formal comment letter to the CFPB, asking for an exemption from the rule’s requirements to submit form contracts that might waive consumer legal actions, citing existing Dodd-Frank rules prohibition arbitration and other actions limiting consumer rights on mortgage loans.
Scotsman Guide: FHFA delays implementation of controversial DTI-based loan fees
A Scotsman Guide article on FHFA’s 3-month delay of higher LLLPAs for GSE loans over 40% DTI highlights CHLA’s praise for the delay and continued
Housing wire: Setting the record straight on IMBs
A Housing Wire Oped by Christina Brown of Atlantic Bay Mortgage explains the CHLA release of their report on IMB regulatory creep – rebutting the
Scott Olson on The PolicyCast Podcast
Goodbye megabanks. Hello independent mortgage banks (IMBs). There’s been a sea change in mortgage production over the past decade. Scott Olson sat down with the Policycast