“The Community Home Lenders Association (CHLA) sent a letter to President-Elect Trump, outlining a series of bold actions, including some focused on the regulatory environment, the incoming Administration could take in its first 100 days to “help working families, by improving access to mortgage credit and reversing a declining homeownership rate at its lowest level in 51 years ” and noting that the recommendations “would benefit the middle class, including minority families, younger persons saddled with student debt, and other qualified borrowers with lower FICO scores and limited down payment resources.”
Here are its recommendations for a streamlining the mortgage regulatory policies. (“Streamlined Mortgage Regulatory Policies, While Protecting Consumers.”)
(1) CFPB – support a change to a Commission, with more transparency and accountability, (2) Streamline regulatory treatment for both community non-banks and banks
(3) Let mortgage lenders correct compliance problems prior to CFPB enforcement action.
The letter also has suggestions for the FHA, Fannie Mae & Freddie Mac. It can be found at www.communitylender.org; go to the “Actions” tab at the top and the letter is first item.”