Certified Forensic Loan Auditors, LLC

 
  Upcoming Classes

Search CFLA's Article Archive:

On United Front, Group Seeks Mortgage Answers from CFPB

reversemortgagedaily.comApr 24, 2012

By Elizabeth Ecker

An extensive group of more than 30 different associations, consumer and civil rights advocates, lenders and others came together this week in a letter to Consumer Financial Protection Bureau chief Richard Cordray imploring the CFPB to broadly define the term “qualified mortgage,” or “QM,” as part of the CFPB’s pending Ability to Repay regulation.

Formerly having had oversight over Ability to Repay, the Federal Reserve Board transferred authority over the rule to the CFPB last year.

Now, industry groups have expressed concern that a QM too narrow could have harmful effects on the housing recovery.

“A broadly defined Qualified Mortgage (QM) rule that includes a safe harbor from meritless lawsuits is essential to preserving credit availability and supporting the housing recovery,” said Frank Keating, president and CEO of the American Bankers Association, one of the groups to sign the letter.

The danger of a narrow rule, the letter states, is potentially ruling out many low- and moderate-income borrowers.

“A narrow rule would limit borrowers’ options, restrict credit availability, and undermine the housing recovery,” it says.

Additionally, inclusion of a safe harbor is essential, the groups say.

“Without a safe harbor, lenders will operate well inside the Qualified Mortgage boundary to reduce litigation risk. The result will be restricted credit availability.The alternative—a rebuttable presumption—lacks any real protections and opens banks up to wide litigation risk. This uncertainty will make borrowing more expensive and credit less available. Some lenders may leave the market altogether.

Those signing the letter include the ABA, Mortgage Bankers Association, National Association of Mortgage Bankers (NAMB), American Securitization Forum, National Association of Realtors and The Appraisal Institute, among others.

“Our primary concern is for the overall health of the national economy,” said John H. P. Hudson, Government Affairs Committee chairman of NAMB. “If the ‘qualified mortgage’ is too narrowly defined with items that really do not measure a consumer’s ability-to-repay, then consumers will simply not have access to credit which will further perpetuate the economic woes this country faces.”


Back to April 2012 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

SEE BELOW- http://www.certifiedforensicloanauditors.com

Call us toll free at 888-758-2352

Bookmark and Share
spacer
Facebook Like us on Facebook
Twitter Follow us on Twitter
YouTube View our YouTube Videos
LinkedIn Connect to us on Linkedin
 
BBB Logo

 

spacer
Contact us or view our Sample Documents & Audits by completing the form below.

  • Reload
  • Should be Empty:




 

DVD Sets Only $99

 

FREE Mortgage Fraud Analysis

 

Order Cutting-Edge Services Now

 

Quiet Title Packages from Licensed Attorneys

 

Affiliate Services

 

CFLA Sponsored Attorney Links

 

Take-Home Education Package

 

ALB Law Firm

 

Advocate Legal

 

The True News Network

 

Rubenstein Business Law

 

Atighechi Law Group

 

Scunziano & Associates

 

Get Certified to Perform Mortgage Securitization Audits

 

CFLA Training Academy

 

Expert Witness Services

 

Cutting Edge Expert Securitization Reports

 

CFLA Credit Cards

 

Breaking News

 

Letters to the Editor

 

CFLA Weekly Newsletters

 

Code of Ethics

 

Testimonials

 

Instructional Videos

 

Job Opportunities

 

License Opportunities

 

MARS Rule

 

Product Samples

 

Resource Links

 

Servicer Information

 

Foreclosure Laws

 

REST Report

 

Quiet Title Packages from Licensed Attorneys

 

Advertise on CFLA

 

Advertising Space: Mortgage Securitization, Quiet Title

 

Certified Forensic Loan Auditors, LLC
13101 West Washington Blvd.
Suite 444
Los Angeles, CA 90066

Toll Free: 888-758-CFLA (2352)
Mobile Users: CLICK TO CALL
info@certifiedforensicloanauditors.com

   
 
CFLA IS NOT A LAW FIRM AND DOES NOT PROVIDE ANY LEGAL ADVICE. CFLA DOES NOT OFFER FORECLOSURE CONSULTING OR FORECLOSURE RELIEF
SERVICES. CFLA DOES NOT OFFER OR ASSIST WITH ANY LOAN MODIFICATION SERVICE. CFLA ALWAYS RECOMMENDS THAT CLIENTS RETAIN COMPETENT COUNSEL IN THEIR RESPECTIVE JURISDICTION. CFLA HAS A FREE PROGRAM TO REFER CFLA CLIENTS TO LAW FIRMS IN NEARLY EVERY STATE AND CFLA
DOES NOT CHARGE OR OBTAIN REFERRALS FEES FOR THESE SERVICES. SERVICES NOT OFFERED TO RESIDENTS OF THE STATE OF NEVADA.

 
Home About Us Privacy Policy Terms of Service Disclaimer SERVICES Careers Contact Us
 
COPYRIGHT © 2007-2016 Certified Forensic Loan Auditors ™ All rights reserved