NAMB Calls on CFPB to Reconsider Mortgage Complaint Data Processing – NMP Skip to main content

NAMB Calls on CFPB to Reconsider Mortgage Complaint Data Processing

Phil Hall
Jul 16, 2018
NAMB has announced that it will host a full-day seminar on Jan. 16 in San Diego for mortgage professionals who are seeking to be approved for the organization’s newest certification, the Certified Veterans Loan Specialist

NAMB has called on the Consumer Financial Protection Bureau (CFPB) to pursue a further examination of how the agency determines true complaints it receives from the American public on the mortgage process.
 
In a letter to CFPB Acting Director Mick Mulvaney, NAMB President John G. Stevens recommended that the agency develop a process for companies to reclassify consumers' submissions.
 
“NAMB suggests the Bureau request the National Multi-state Licensing System (NMLS) identification number that should be on documents or advertisements of the LO,” Stevens wrote, adding that the CFPB had a history of incorrectly assigning blame to mortgage brokers. “When the consumer complaints were examined by NAMB, it was found 90 percent of complaints were registered against lender and bank LO’s, not mortgage brokers.”
 
Stevens added that he did not believe the CFPB should publicly release any complaint data unless it is verified first by the agency’s staff.
 
“Mortgages are extremely complex and involve various parties and outside vendors to verify consumer-provided data,” Stevens continued. “The mortgage process can be slowed or halted for a variety of reasons. Was all the application data the consumer provided accurate? Was there an issue with Freddie Mac or Fannie Mae’s underwriting system? Was there an issue with the verification of employment? Was the down payment source accounted for? Was there an appraisal issue? The LO should not be labeled for a complaint because issues out of their control stopped the mortgage process.”

 
Published
Jul 16, 2018
When Will Then Be Now? March

With inflation at 5.7% in 2021, the Fed indicates a rate hike is coming ‘soon’, most likely during its meeting March 15-16.

Regulation and Compliance
Jan 27, 2022
Markets Anxious As Fed Opens 2-Day Meeting

Investors, mortgage brokers & bankers await latest policy statement on fighting inflation

Regulation and Compliance
Jan 25, 2022
Ginnie Mae Streamlines FHA Advanced Loan Modification program

Documentation changes eliminate requirements for recordation and title insurance.

Regulation and Compliance
Jan 24, 2022
'A Long Road To Normal'

Nominated again to lead The Fed, Powell tells Senate committee to expect three rate hikes, but 'if we have to raise interest rates more over time, we will.'

Regulation and Compliance
Jan 11, 2022
CFPB: Complaint Response Worsens At Big 3 Credit Bureaus

Report claims Equifax, Experian, and TransUnion routinely failed to fully respond to consumers with errors.

Regulation and Compliance
Jan 10, 2022
The Fed Names Chairs, Deputy Chairs For 12 Reserve Banks

In recent years, the Federal Reserve System has worked to increase the overall diversity of the Reserve Bank and branch boards of directors and continues to build on those efforts.

Regulation and Compliance
Jan 06, 2022