The key to implementing non-QM products

With the refi boom falling off and the margin compression happening to lenders nationwide, lenders are looking at non-QM to help fill in those gaps. Learn how to implement non-QM products here!

RealTrends 2021 Team Profitability Study

Brokerage firms have often speculated about how well teams perform from a profit and loss point of view, as well as how productive they are. In this research study, RealTrends answers these two big questions.

Proven Strategies for Accelerating eMortgage Adoption with Freddie Mac and Better

This webinar will cover how the industry is working to overcome challenges lenders experience in adopting eClosings. You’ll hear from industry leaders at Snapdocs, Freddie Mac and Better Mortgage. Register now!

Logan Mohtashami on existing home sales, mortgage rates

Today’s HousingWire Daily begins the Rundown miniseries where HousingWire’s Editor-in-Chief Sarah Wheeler and Lead Analyst Logan Mohtashami will talking about housing and economics every Monday.

Politics & MoneyMortgage

CFPB Acting Director Mulvaney says he still believes bureau shouldn’t exist

Faces Congress in semi-annual hearing

Acting director of the Consumer Financial Protection Bureau Mick Mulvaney appeared before the House Committee on Financial Services Wednesday for a hearing discussing the CFPB's 2018 Semi-Annual Report.

During the course of the hearing, one congressman, Rep. Gregory Meeks, D-N.Y., brought up Mulvaney’s past comments about the CFPB and its structure.

Meeks asked: You don’t like the fact that the CFPB exists, and you haven’t changed your mind on that have you?

Indeed, Mulvaney is known for having once called the federal agency a “sick, sad joke.”

“Some of us would like to get rid of it because we don’t like the idea of there being a non-accountable federal agency,” Mulvaney said back in 2014.

In response to Meeks’ question, Mulvaney answered simply, “No, I haven’t.”

“The president wants to put someone in charge of the Consumer Financial Protection Bureau who doesn’t believe in the bureau,” Meeks went on to accuse.

But Mulvaney disagreed with the representative’s accusations, saying that while he thought the bureau is in need of major reforms, he is not hindering its purpose.

He pointed out that he could dismiss all of the CFPB’s staff at his will, as well as dismiss all ongoing investigations, which he has not done.

“It’s fair to say I was hostile to the existence of the bureau,” Mulvaney said during the hearing, conceding that it does not seem strange that some members of Congress would be hesitant about his role at the bureau.

But he also said that while he has not filed any lawsuits since his tenure began in January, that does not mean he will not file an enforcement action should the need arise.

Since former Director Richard Cordray left the bureau 135 days ago, leaving his place to Acting Director Mick Mulvaney, the CFPB has not issued a single enforcement action.

“What we’ve done is try to focus on more formal rulemaking,” Mulvaney said during the hearing, saying the bureau has sent out less guidance and letters.

When asked what Congress could do to help Mulvaney better lead the bureau, he had just one answer – put him under appropriations.

“Why y’all don’t want me under appropriations – I just don’t understand why you wouldn’t want that,” he said.

Most Popular Articles

Guaranteed Rate’s Shant Banosian clears $2B in originations in 2021

Guaranteed Rate’s Shant Banosian has topped his record-setting 2020 in a big way: year-to-date, the LO has funded a whopping $2 billion in total origination volume, the lender announced on Tuesday.

Nov 23, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please