In its letter to the CFPB, the CHLA outlined experiences of its own members applying for a mortgage, which included a member receiving 60 phone calls, texts and emails within 48 hours of a mortgage application. Another CHLA member applying for a loan received 10 marketing calls within 43 minutes as a result of the trigger lead process, the trade group’s letter said. “The sheer

Not only is CHLA unhappy with the buyback requests on performing loans but it is also dismayed with the lack of help it’s getting from aggregators, that is, large correspondent loan buyers that purchase GSE loans that are funded at the retail level by the trade group’s member-lenders. Scott Olson, CHLA’s executive director, said he wasn’t at liberty to discuss the contents of his meeting

State regulator associations, led by the Conference of State Bank Supervisors (CSBS), also submitted a letter to the CFPB that rejected the Bureau’s reasoning for the proposed rule. In February, the Community Home Lenders of America (CHLA) sent a letter to the Bureau, stating that small independent mortgage banks (IMBs) should be exempt from the proposed rule, arguing that the proposed requirement is redundant, as IMBs already routinely provide such information to the

The Community Home Lenders of America said that, though it understood why the CFPB introduced an attestation requirement for large nonbanks, “owners of smaller independent mortgage banks are already personally on the hook for such penalties and for compliance.” With the attestation threshold at $1 million, the CHLA said, a nonbank mortgage lender could make fewer than 10 loans a month and not qualify for

Scott Olson, executive director of the Community Home Lenders of America, noted that his organization “supports the modernization of NMLS and the standardization of requirements.” But there are “preliminary concerns that this initiative may add yet more regulatory compliance burdens, without a clear purpose.”

“While we appreciate the delay, we are disappointed that FHFA’s statement did not recognize the need to consider alternatives to using a debt-to-income pricing adjustment,” Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA), said in a statement. The Community Home Lenders Association (CHLA), which represents smaller lenders, also took a similar position — the FHFA should consider a full repeal of the DTI fee. The DTI