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Legislative News

Contact CAMP today!

Kathleen Ryan, Senior Counsel
Division of Consumer and Community Affairs
Federal Reserve Board
Washington, DC 20551

RE: Implementation of the appraisal independence provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act

Dear Ms. Ryan,
As you craft Interim Final Regulations to replace the Home Valuation Code of Conduct (HVCC), the California Association of Mortgage Professionals (CAMP) would like to offer suggestions to ensure the rule results in appraisal independence and accuracy. CAMP is a non-profit, professional trade association of more than 1,500 licensed mortgage brokers and affiliated service providers across California. The Association serves as a forum for financial education, community outreach, innovation, networking, legislative and regulatory advocacy, and it provides benefits and public relations for its membership. We are dedicated to the highest standards of professional and ethical conduct and committed to lending integrity, consumer protection and the preservation of maximum reasonable access to the American dream of homeownership. Read more.



Congress OKs higher mortgage loan limit extension

(Reuters) - The U.S. Congress on Thursday voted to extend higher loan limits for government-backed mortgages, a move that should help keep borrowing costs low and support the shaky housing sector. Read the full article...


H.R. 4173 Documents




Legislative Alert-Reg Z

On August 26, 2009, the Federal Reserve proposed substantial rule changes to Truth in Lending.  The public and those impacted within the lending industry now have a 120-day comment period (which ends December 24, 2009) to register support or opposition, and to make suggestions.  Once this comment period expires, the Federal Reserve will review the input and finalize the rule.

Read more...


Support changes to H.R. 4173 to ensure ethical, responsible, and qualified mortgage brokers can still help consumers with their mortgage lending needs.

June 10, 2010

Dear Representative:

As Congress finalizes H.R. 4173, the Wall Street Reform and Consumer Protection Act of 2009, the California Association of Mortgage Professionals (CAMP) respectfully requests your assistance in ensuring the final bill contains a balanced policy regarding the compensation of mortgage originators. Read more...


CAMB GA Team-Proposed Rule Overview

The new TIL rules will apply to loans on all real property or dwellings

Loan Originator Payment Changes

Loan originator:  anyone who gets paid by arranging a loan other than creditor who uses warehouse line. A broker is a loan originator who is not a w2 employee of the creditor.

Loan originator payment

  • No one can pay, and no one can receive any compensation related to the terms of the loan:
    • Option 1: includes loan amount
    • Option 2: does not include loan amount
  • If originator compensation is paid by borrower, compensation can be related to the terms of the loan, however, there can be no additional compensation paid by any other party (no YSP or SRP).

Read more...


An Important Announcement from the
California Association of Mortgage Brokers

November 2, 2009

The August 26, 2009 Federal Reserve Proposed rule change could dramatically affect your business and business model. Additionally, the Fed proposal will affect borrowers, possibly making it more expensive for homeowners with smaller loans to finance their mortgage. Read more...


Contact House Financial Services Committee Members Today

Take action now
! Call your House Financial Services Committee Representative and ask him or her to support the following three amendments to H.R. 3126, the "Consumer Financial Protection Agency Act of 2009." This bill is currently being considered by the House Financial Services Committee. 10/13/09 Read more...


Video Spotlight Two-Part
Video Message from Ken Jones on
Reg-Z
An overview of the Federal Reserve proposed rule changes.
Part 1 | Part 2

Governor Signs New Mortgage Bills
On October 12, 2009, the Governor signed the following eight mortgage related bills, making them the law in the State of California. Of the bills signed, CAMB opposed one and either supported or was neutral on the others:

AB 260 Oppose unless amended
SB 94 - Support with amendments
SB 36 - Support
SB 239 Neutral
AB 329 Support
SB 237 Support
AB 957 Neutral
AB 1160 - Neutral

In past years, we have been tremendously successful in working with the legislature to arrive at bills CAMB believed were generally beneficial to California consumers. However, during this cycle, we believe the California consumer has suffered two losses:

Read more...


CAMB GA Team-Proposed Rule Overview

The new TIL rules will apply to loans on all real property or dwellings

Loan Originator Payment Changes

Loan originator:  anyone who gets paid by arranging a loan other than creditor who uses warehouse line. A broker is a loan originator who is not a w2 employee of the creditor.

Loan originator payment

  • No one can pay, and no one can receive any compensation related to the terms of the loan:
    • Option 1: includes loan amount
    • Option 2: does not include loan amount
  • If originator compensation is paid by borrower, compensation can be related to the terms of the loan, however, there can be no additional compensation paid by any other party (no YSP or SRP).

Read more...

CAMP Needs Your Help to Fight These Lesislative Battles
  • Anti-Predatory Lending
  • Yield Spread Premium (YSP)
  • Preserving Mortgage Loan Choice for Consumers
  • Government State Enterprises (GSE)
  • FHA Modernization
  • RESPA

Your Call to Action!
  • Participate in CAMB's grassroots efforts when called upon to ensure that Members of Congress understand the severity of the problem
  • Ask your clients, colleagues and consumers to keep loan choice alive
  • Respond to CAMB/NAMB Legislative "Call to Action" Alerts--quickly and easily send messages to Members of Congress; and finally
  • GIVE MONEY NOW to CAMB’s LEGISLATIVE FUND to help us save your profession!
  • Questions? Contact CAMB's Government Affairs Team at (916) 448-8236 or ga@ca-amp.org