WASHINGTON, D.C. – October 11, 2012 – (RealEstateRama) — On October 9, 2012 the Mortgage Bankers Association (MBA) provided official comments and exhibits on the Consumer Financial Protection Bureau’s (CFPB’s) Proposed Servicing Rules that amend the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA). CFBP’s proposed rules were released in early August.
MBA’s our recommendations focused on numerous areas, including small servicer exemption, error resolution and information requests, loss mitigation, and early intervention for troubled or delinquent borrowers, just to name a few. We also suggest to the CFPB that discretionary items (those not authorized by Congress in the Dodd Frank Act or required by the RESPA and TILA statutes) not be subject to a private right of action.
See our comment letter and exhibits in “related documents”
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 2,200 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. For additional information, visit MBA’s Web site: www.mortgagebankers.org.