Inside Mortgage Finance 8/24/16 – Trade Groups with Nonbank Members Ask the CFPB: How About Us?

By Carisa Chappell

Two industry trade groups that represent small- and medium-sized lenders fired off a joint letter to the Consumer Financial Protection Bureau Wednesday morning, complaining about a major lack of nonbank mortgage company representation on the bureau’s advisory boards and councils.

The letter was penned by the Community Home Lenders Association and Community Mortgage Lenders of America.

Late last week, the CFPB unveiled the appointment of members to its advisory boards and councils – none of whom work at nonbank mortgage companies. There is representation for lenders, but all work for banks, thrifts or credit unions.

Not only are CHLA and CMLA unhappy with the lack of representation, they want the CFPB to form a “Community Mortgage Banking Advisory Council” that would allow their views to be heard via councils and boards.

CHLA in the News