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.
Independent mortgage bankers have increasingly been in the news of late. Ten years after the 2008 housing crisis, the strong trends of IMB growth in mortgage lending continue as banks show little sign of reversing their retreat from our mortgage markets. But are IMBs regulated enough? CHLA responds.
[Expert commentary] The Community Home Lenders Association is very supportive of the goals of the pending House and Senate tax bills of providing tax relief for individuals and corporations and simplifying and reforming the tax code. And if this means reforming existing homeownership tax provisions in order to help finance these tax cuts, that is fine with us.
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.
When Tim Mayopoulos was vetted prior to joining Fannie Mae nearly 10 years ago in the role of general counsel, board members explained it would only take 12 to 18 months for the company to turn around. That isn’t what it took. It took putting Mayopoulos in charge, years later, to turn the company around. And that’s exactly what he did.
HousingWire began highlighting the unsung heroes of the mortgage finance industry three years ago, recognizing those who continue to make the dream of homeownership a reality for Americans nationwide. Our editorial board selected each of these 40 professionals for their ability to not only transform their companies, but the industry as a whole.
Hispanics have huge purchasing power in the U.S. and the rate of homeownership among this population has grown every year since 2014, reaching 46.2% in 2017. In fact, Hispanics are the only demographic in the U.S. to increase homeownership rates for each of the past three years and are driving gains in the real estate market overall. By understanding the unique needs and expectations of the Hispanic community and positioning yourself to fulfill those needs, real estate professionals can become an important servicer of this consumer demographic and experience related growth.