Mortgage Brokers to CFPB: We Do Not See a Level Playing Field

Reverse Mortgage Daily
October 4, 2012
Ecker, Elizabeth

In a letter to Consumer Financial Protection Bureau Director Richard Cordray, a major mortgage brokers association stressed the need for broker representation on the agency's consumer advisory board. The National Association of Independent Mortgage Professionals said the boards lack representation from mortgage brokers, real estate appraisers, mortgage bankers, credit reporting agencies and settlement agents. "As you are aware, these groups are small business, Main Street professionals, who are involved with consumers on a day to day basis, with respect to the home mortgage process," wrote NAIHP President Marc Savitt. "These are the very groups who are currently facing an onslaught of new rules and regulations and as licensed professionals -- have been denied a seat at the table." The board advises the agency on topics regarding mortgages, appraisals, banking and credit reporting. The group requested that the agency create an additional council, on which industry professionals will be represented.
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