MBA Comment on Appeals Court Ruling in PHH v CFPB

MBA Comment on Appeals Court Ruling in PHH v CFPB

WASHINGTON, D.C. (February 5, 2018) – (RealEstateRama) — David Motley, CMB, Chairman of the Mortgage Bankers Association, issued the following statement in response to the DC Circuit Court Of Appeals ruling in the case of PHH Corporation et al v. Consumer Financial Protection Bureau:

“MBA is gratified the Court recognized that the CFPB violated the law when it tried to change longstanding RESPA rules through the enforcement process rather than by issuing a new rule or guidance. This decision notwithstanding, the Bureau still owes the industry clear and constructive guidance on its view of the permissibility under RESPA of arrangements like marketing services agreements. Greater regulatory clarity and consistency on this front will benefit consumers and lenders alike.”

CONTACT
Rob Van Raaphorst

(202) 557- 2799

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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

Contact:

Mortgage Bankers Association
1331 L Street, NW
Washington, DC 20005

Phone: (202) 557-2700

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