NAIHP Sends Letter to CFPB on Flat Fee Proposal

by 11 Jun 2012
(TheNicheReport) -- The NAIHP, along with four other State mortgage associations, subitted an industry comment letter to the Consumer Financial Protection Bureau (CFPB) on June 4th,  2012.

In addition to disputing the CFPB on the flat fee and overall justification for the LO Comp Rule, they offered a solution to solving these issues. That solution appears at the bottom of page 3 and the top of page 4. It pertains to exempting prime and government loans.

Click on link to read the full letter. NAIHP Comment Letter to CFPB (pdf)


  • by Warren Goldberg | 6/11/2012 6:14:53 PM

    WOW. What an excellent letter! Totally factual, free of hysteria, presents the problems, AND presents solutions. I could not have said it better myself.
    Bravo to the NAIHP. Let's all pray that the CFPB follows their advice.

  • by George Temple | 6/11/2012 8:03:50 PM

    In addition to your letter I suggest adding the elimination of "Marketing Agreements and Joint Ventures between lenders and Real Estate Companies and Builders creating a more level playing field and separating the lending function in a Real Estate transaction from the sales function, therefore, eliminating any question of impropriety. Prior to 1980 this separation was the norm and there seemed to be a lot less fraud.

  • by Alyce Burgess | 8/21/2012 7:49:14 PM

    Good Job!


Should CFPB have more supervision over credit agencies?