SAFE Act Parity

Issue On January 20, 2013, the CFPB adopted its Loan Originator Compensation Rule, which took effect in January, 2014.  Among other things, the rule implements Section 1402(b)(1)(A) of Dodd-Frank, which requires the CFPB to establish regulations so that mortgage loan originators (LOs) that work for banks (depository institutions) meet a standard of being “qualified.”  … Continue reading

Mortgage Rules and Regulations

The Community Home Lenders Association recognizes that abuses that took place in the subprime era harmed consumers, housing markets, and the broader economy. While CHLA members largely avoided subprime lending, CHLA appreciates that laws to strengthen consumer protections and underwriting standards were warranted. However, CHLA believes that it is critical … Continue reading