Seasoned Investors in the ‘Mini-Corr’ Channel Suggest CFPB Take a Different Tack on Guidance
April 23, 2015
An anonymous group of veteran players in the mini-correspondent channel is pushing the Consumer Financial Protection Bureau to update the guidance it issued for the sector last year. The investor group, which purchased more than $8 billion in loans from mini-correspondents in 2014, offered alternative criteria it recommends the CFPB use instead when trying to determine if an entity has in fact made the transition from mortgage broker to correspondent lender. The CFPB issued...