As you all know, the current regulatory and compliance driven environment that we find our industry in today is vast, complicated and contradictory. Last week, the MBA held the annual Regulatory and Compliance Meeting in Washington D.C and a record breaking 650 mortgage professionals were in attendance. Topics of focus included: QM,QRM, Disparate Impact, Safe Harbor vs. Rebuttal Presumption, Hoepa, and LO Compensation. Members of HUD, the CFPB and an army of attorneys were on hand to offer their perspective and insight on what is likely to occur prior to the implementation of Dodd Frank on January 21st. Thirty attendees then visited Capitol Hill to educate and inform members of the House and Senate Finance Committee’s senior staff. I would encourage anyone that can do so to attend the National Advocacy Conference that will be held in Washington D.C. next April and make your voice heard. If you have not sent in your comment letters to the CFPB on the issues that affect this industry and your livelihood, I strongly suggest that you do so. It was impressed upon everyone that we must stress how these issues can and will negatively impact the consumer, not the mortgage industry. Summaries of these issues that were provided by the MBA are available here.
Kelly Powers, National Production Manager, AmeriFirst Financial
