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CMLA Applauds Provisions in Senate Committee Bill
“We are pleased Congress is listening to, and acting upon, the concerns expressed by small banks and mortgage bankers about the increasing costs and difficulties in supplying affordable mortgage credit to consumers,” said Paulina McGrath, CMLA Chair and President of Republic State Mortgage, Houston, TX. “Chairman Shelby’s proposal is a strong start to the dialogue necessary to produce a bi-partisan, regulatory streamlining bill.”
As particularly helpful to small lenders and the consumers they serve, CMLA pointed to provisions in the bill that would:
Permit prompt closing of a mortgage following a revised consumer disclosure with a lower Annual Percentage Rate (APR) for the borrower
Provide a grace period for lenders following the August 1st effective date of the TILA/RESPA combined disclosure
Require states to issue a transitional license to bank-employed, registered loan originators that become employed by non-depository lenders, to permit those originators a period of time to complete formal licensing requirements
The Senate Banking Committee’s legislative markup is scheduled for May 21, 2015.
About the CMLA
CMLA is the only trade association solely dedicated to advocating for independent, community-based residential mortgage lenders. Founded in 2009, The CMLA is committed to the preservation of a thriving independent mortgage lending sector, which increases competition in the industry and, thus, provides borrowers with greater choice and lower costs. The CMLA membership includes lenders nationwide that, collectively, originate more than $100 billion worth of residential mortgage loans annually. The CMLA works to ensure the interests of its members are effectively represented before members of Congress, Federal regulators and the Executive branch.
For more information, please visit www.thecmla.com and/or direct policy and member inquiries to Glen Corso at 925.323.7084