It is inevitable that the industry will shift. But instead of complaining about it, Mortgage Bankers Association CEO David Stevens said mortgage bankers need to work with Congress to ensure the necessary regulations are made. Per the Charlotte Business Journal.
“If we dont fill in some of the language, Congress is going to do it. And we have far more industry expertise,” he said. “I really believe screaming in the wind and sticking our head in the sand is unproductive. You may be angry at the structure of some regulations or the fact that it’s there — it doesn’t matter. It is there. And there are good people trying to figure it all out,” David Stevens, CEO of the Mortgage Bankers Association, said.