CHLA Board Member Bill Giambrone (President and CEO of Platinum Home Mortgage) explains how FHA’s Life of Loan premium policy (1) significantly overcharges FHA borrowers, (2) hurts FHA finances through loss of revenues through refinancing of FHA loans to the conventional market, and (3) hurts Ginnie Mae, by contributing to its recent acceleration in prepayment speeds.
Scotsman Guide August Magazine: Scrutiny is Overdue on Mortgage Licensing – All LOs Should Pass the SAFE Act Test
CHLA Board Member David Wind (DAW Partners) makes a compelling case for why the CFPB should require every registered mortgage loan originator (LO) to pass the basic SAFE Act test measuring basic mortgage competency – arguing that exempting bank LOs fails to fully protect consumers and fails to fulfill the Dodd-Frank requirement that all LOs must be “qualified.”
Housing Wire Op-ED: CHLA’s Proposal to Reform LO Comp Rules Balances Needed Flexibility with Consumer Protections
CHLA Member Matthew Van Fossen (Absolute Home Mortgage) outlines CHLA’s proposal that it presented to the CFPB to reform the Dodd-Frank LO Comp rules, in a way that provides pricing and compensation flexibility in competitive situations, while maintaining consumer protections against steering.
Scotsman Guide June Magazine: Temper Ideals with Reality in Housing Reform – Preserve Key Federal Mortgage Programs
CHLA Board Member Michael Delehanty (Chief Financial Officer of Mountain West Financial) argues for the need for a sound understanding of the critical role that FHA, Fannie Mae, and Freddie Mac play in our nation’s housing policy – cautioning that indiscriminate efforts to reduce their footprint to encourage “private capital” could fail at that objective, reducing mortgage loan availability in the process.
National Mortgage News Op-Ed: Federal Mortgage Programs Vital to Lenders and Borrowers Should be Preserved
CHLA Board Member Deb Sturges (President and CEO of Hallmark Home Mortgage) comments on the Administration’s housing finance plan, calling attention to a recent CHLA roundtable on FHA, Ginnie Mae, and the GSEs that highlighted the critial role they play in promoting homeownership – and outlining CHLA proposals to keep these program strong and financially sound.
CHLA President Don Calcaterra, Jr. (President of Local Lending Group) highlights his testimony before a December House Financial Services Committee GSE Reform hearing outlining CHLA priorities to protect small lenders – including opposing allowing Wall Street Banks to gain a foothold in the primary market through new GSE charters and the importance of a cash window, G Fee parity, and equitable small lender access.
CHLA Joins Other Groups in Letter to FHA to Eliminate Indemnification Penalties for New Loans with Forbearance
CHLA, along with consumer groups and other trade groups, sent a letter to HUD Secretary Ben Carson, asked FHA to eliminate its recently adopted 20%
Housing Wire: FHA enacts temporary policy shift on forbearances; CHLA pushes back on 20% first loss penalty
A Housing Wire article on FHA’s announcement that it would impose a 20% first loss indemnification penalty on validly underwritten loans that go into forbearance