Since its founding in late September 2009, the Community Mortgage Lenders of America (CML America) has attracted 100 members. Lenders One Mortgage Cooperative, a national alliance of mortgage bankers, BuckleySandler law firm and consulting firm The Glaser Group founded the new lobbying group, which focuses on protecting the interests of community mortgage bankers. With Congress poised to make significant changes in the mortgage industry, the members are trusting CML America to provide timely and accurate information on new and changing requirements.
“We stand ready to take on the challenges that face our industry and independent mortgage bankers,” said Scott Stern, chairman of CML America and CEO of Lenders One. “We look forward to working with these and other independent mortgage bankers across the country on the mission of ensuring that any changes to the industry do not adversely affect their business or how they serve consumers.”
With the mortgage industry being partially blamed for the near collapse of the financial markets, policy makers want to be confident that strict regulations are in place so as to not have a relapse of the current economic climate. CML America is offering direct access to leading experts on legal and regulatory issues while acting as the voice of community mortgage bankers on Capitol Hill.
“Community-based mortgage bankers are the backbone of the nation’s housing finance system,” Howard Glaser, president of The Glaser Group, explained. “They did not create the products that led to the mortgage meltdown. The traditional focus of community mortgage bankers has been conventional mortgages – not exotic loans. Yet today, Washington is pursuing policies that will threaten to put the community-based home lender out of business – leaving the mortgage system in the hands of those who created and marketed high-risk products – and will ultimately hurt consumers once again. CML America will stand up for and be the voice of community mortgage lenders and the borrowers they serve.”
CML America also works closely with the Mortgage Bankers Association (MBA) and other trade groups in crafting messages to Congress and the current administration around issues that affect independent mortgage bankers.
For more information, visit CMLAmerica.com or LendersOne.com.