Chuck Cross of the Conference of State Bank Supervisors said the new eligibility standards jointly issued by the Federal Housing Finance Agency and Ginnie Mae for nonbank mortgage companies could spur updates to harmonize model standards for states.
Banking trade groups contend that the Fair Credit Reporting Act shouldn’t be read to hold credit reporting agencies responsible for incorrect information if the data comes directly from a furnisher.
William Kidwell, a Colorado-based mortgage originator, wants the CFPB to change six rules that he believes are stacked against smaller brokerage shops.
Banking trade groups believe the bureau’s plan to regulate customer service practices is an overreach and could drive consumer distrust in safe and sound financial institutions.
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