Legislationby MPA | 10 Jun 2013

Small lenders and originators have put forward legislation they say will protect them from “unfair and unreasonable” federal regulations.

The Community Mortgage Lenders of America CMLA has today released proposed legislation it says will protect consumers while shielding smaller mortgage lenders from “excessive” regulation aimed at large institutions. The group said its proposed legislation, The Community Mortgage Lenders Act of 2013, would seek “reasonable” regulatory corrections to deal compliance relief to small community lenders with no history of predatory loan practices, and who deal predominantly in QM loans.

Read the article via Mortgage originator News: Small lenders take aim at unfair compliance.