Industry convenes to tackle compliance burdens

by Diana Aqra30 Jul 2013

Independent mortgage and housing professionals will convene today to discuss some of the most burdensome regulatory and compliance issues.

The Indendent Mortgage Management Advocacy & Advisory Group (IMMAAG) and the National Association of Independent Housing Professionals (NAIHP) are hosting nearly 1,000 professionals in a webinar to discuss issues such as qualified mortgage/ability to repay  (QM/ATR) and loan compensation rules. The 60-minute webinar will bring mortgage professionals together at no cost, and launches today at 4PM.

The groups hope to organize in order to bring to light the disproportionate impact of some of the rules on placed mortgage originators. They have suggested that litigation may be the only available option.

The groups are working to get congress to support two existing bills that would amend QM and loan compensation rules; HR 1077 and S949. HR 1077 and S949 would amend the way the proposed 3% points and fees cap placed on originators is calculated.

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