WASHINGTON, D.C.- April 1, 2015 – (RealEstateRama) — David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), issued the following statement in response to the Consumer Financial Protection Bureau’s new “Your Home Loan Toolkit” to help consumers with the mortgage process:
“We fully support efforts by the CFPB to help inform and educate consumers who are working through the complexities of the mortgage process. We look forward to reviewing the details in the Toolkit and providing our input. Today’s mortgage system has the safest and soundest protections and disclosures ever created for prospective homebuyers. It is critical that all stakeholders work together to ensure that we continue to uphold the highest standards of consumer protection and an efficient marketplace.
“This announcement is a helpful reminder that the mortgage lending industry is there for those entering the housing market and that the American homebuyer should go out and shop for a home loan with confidence knowing that they will be backed by a national network of lenders all following the same set of consumer protection standards for their customers.”
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, REITs, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA’s website: www.mba.org.
Rob Van Raaphorst
(202) 557- 2799