Scott Olson is Executive Director of the Community Home Lenders Association. Olson has over 20 years of experience on Capitol Hill – including 15 as a top housing staffer on the House Financial Services Committee, working on housing and mortgage finance issues.
The Financial CHOICE Act that recently passed the House Financial Services Committee provides regulatory relief for independent mortgage bankers. But one additional provision is needed to ensure that small IMBs are treated the same as banks are under the bill. Why can’t independent mortgage bankers have the same exemptions as other banks?
The Community Home Lenders Association believes that small non-bank mortgage lenders should be exempt from the Consumer Financial Protection Bureau's exams and primary enforcement, just as most banks already are. Here, the organization explains why and discusses why that exemption would help small lenders better serve consumers.
No one should be misled by the lack of comprehensive Congressional action into thinking that GSE reform is on hold. Reform has matured much further than most people realize – but there is disagreement about what comes next.
It is now seven years since Fannie Mae and Freddie Mac went into conservatorship. The Community Home Lenders Association says that it believes a government guarantee is needed to maintain an affordable 30-year mortgage and sustain housing markets. But consensus is elusive on what should come next. Here is their plan.
About a week before the November 2016 election, the U.S. Treasury market started to move lower. The cause of this increase in yield on the benchmark 10-year bond was not fear of an interest rate hike by the Federal Open Market Committee or the specter of higher inflation. No, the outlier event that shook the financial world out of years of torpor was a commercial real estate developer named Donald John Trump.
Fannie Mae’s National Housing Survey found that 37% of senior homeowners felt concern for their finances during retirement, yet only 6% of seniors are interested in utilizing home equity as a financial solution. With $6.2 trillion in home equity to bolster retirement income, why aren’t more senior homeowners taking advantage of products like reverse mortgages?
The time has come for internal workflows to be reimagined or all we’ll end up with is a shiny new chassis with a traditional, manual, cobbled-together process under the hood. I’m talking about the elements that make or break a mortgage transaction, such as valuations, investor requirements and reviews, compliance, surprises at the closing table, paper-based payment systems, onboarding, and the list goes on and on.