Legislative Details
Consumer Financial Protection Bureau Considers Rules to Simplify Mortgage Points and Fees
The Consumer Financial Protection Bureau (CFPB) recently outlined rules it is considering that would simplify mortgage points and fees and bring greater transparency to the mortgage loan origination market. These rules, which the CFPB expects to propose this summer and finalize by January 2013, would make it easier for consumers to understand mortgage costs and compare loans so they can choose the best deal. CAMP is current reviewing the proposal and will provide feedback to CFPB and CAMP members.
CFPB’s Details on the Rules
CAMP’s State Legislation of Interest
This year the California state legislature has been busy introducing legislation that affects the mortgage industry. We are seeing many bills directed towards loan servicers and there has been much attention provided to the Homeowners Bill of Rights. Click on the link below to view CAMP’s positions on all bills related to our industry. If you have any questions please contact CAMP’s Director of Government Affairs, Kelly Sherfey, at ksherfey@ca-amp.org CAMP’s California Bills of Interest
State Advocacy Day Debrief
In April, CAMP hosted its annual State Advocacy Day in Sacramento, California. There were close to 30 participants who participated in legislative meetings within the state Capitol. CAMP discussed the Governor’s proposed budget, which would restructure the Department of Real Estate, and AB 1718, which pertains to Real Estate Broker Licenses, with key legislators in California.
CAMP Talking Points on the Issues Discussed Debrief from Government Affairs Chair, Fred Kreger
CAMP’s Little Hoover Commission Testimony in Regards to the Governor’s Budget
CAMP took issue with the Governor’s January version of the budget that proposed the restructuring of the DRE into a bureau under the Department of Consumer Affairs in order to achieve administrative savings and efficiencies. CAMP felt this drastic change would fundamentally damage the regulatory and enforcement capabilities of the department by eliminating the department's well-developed legal staff and enforcement entity. The change in structure of the DRE would also give the appearance of a prohibited transfer of the department's special fund reserves into the General Fund. This type of transfer would affect the Consumer Recovery Fund and invites attempts to raid the funds. If the Recovery Fund is transferred to the General Fund, mortgage brokers in California will fall out of compliance with the SAFE Act and will be required to purchase surety bonds or prove minimum net worth.
CAMP’s Full Testimony
Federal Lobby Day Debrief
CAMP participated in NAMB’s Federal Lobby Day in Washington, D.C.. CAMP had 18 of the 100 attendees this year and we again showed that California is a thought leader when it comes to Federal Advocacy. We had a great mix of veterans and new CAMP members walking the halls of Congress.
Debrief from Government Affairs Chair, Fred Kreger
Government Affairs Update Presentation: Summer CAMP 2011
"Under the Dome: Government Affairs Update" Presented by Fred Kreger, American Family Funding & Randall Ross, BGR Group.
View Presentation
