Opinion: Time For A Consumer Mortgage Bill Of Rights

By Taylor Stork, President CHLA and EVP, COO Developer’s Mortgage Company and Kelly Welch, Executive Vice President, Equity Resources, Inc. When a consumer goes into the market to obtain a mortgage loan, they enjoy consumer protections that are arguably more extensive and specific than any other financial product. A few examples: TRID requirements for disclosures which hold lenders to early fee estimates, RESPA prohibitions against charging for services not provided, and LO Comp prohibitions on loan originators steering loans or varying their fee based on how much they think the borrower would pay. The same is true for the servicing of mortgage loans. Servicers must follow detailed rules, and for the two-thirds of loans that are “federal agency loans” (FHA,…

Industry Concerns Shared At MBA Conference In Washington, DC

By KIMBERLEY HAAS Attendees at the Mortgage Bankers Association’s National Advocacy Conference shared concerns about housing affordability, trigger leads, and changes to the loan-level price adjustment matrix. The conference was held last week at the JW Marriott in Washington, DC. MBA members learned about the political and market landscapes on Tuesday before speaking with their elected state representatives on Wednesday. Over 300 members from 39 states participated in those Capitol Hill meetings. Kellie Allen, vice president of production at Synergy One Lending, was at the conference representing Idaho Mortgage Lenders Association. She was looking forward to talking about the challenges members of her association are facing. “Affordable housing is a huge one, of course, and then one of the big…