The Community Mortgage Lenders of America (CMLA) was founded out of concern that emerging federal policies threaten to severely diminish community based lending, while increasing concentration among the nation's largest financial institutions, to the detriment of competition and consumers. CMLA represents over 80 of the leading independent mortgage bankers and lenders in the country, generating an annual volume of almost $100 billion in mortgage loans. CMLA members include community banks and non-banks. No member of CMLA has been a recipient of TARP funds or taken a single dime of taxpayer money. Our members survived the mortgage crisis because of close attention to prudent and long-standing traditional underwriting standards and a strong commitment to sound lending. But now, lenders who form the backbone of community-based lending find themselves facing extinction due to misguided public policies that punish lenders who neither created nor marketed the loan products that caused the mortgage crisis.
The CMLA is organized to provide community mortgage lenders and community bankers with timely and accurate information on regulatory requirements, and ensure that community mortgage lenders have a voice in Washington regarding how the industry is regulated. CMLA ensures the voice of the community mortgage lender is heard in Washington, as the industry undergoes a constant state of regulation. We give lenders direct access to the nation's top experts on legal and regulatory issues; and provide mortgage lenders with timely and accurate information on new and changing regulatory requirements.
The Challenges Ahead: Community-based lenders are being endangered by congress and regulators in Washington. Mortgage bankers are facing tremendous challenges now more than ever. In the coming months and years, policy makers in Washington intend to completely re-regulate the mortgage industry.
Placing the Blame: The blame for the near collapse of the financial system is largely placed on the mortgage industry and Washington intends to make sure it doesn't happen again.
Crippling Legislation: Congress intends to regulate every aspect of mortgage lending, from compensation to product type, to requiring originators to hold loans.
Devastating Effects: If Washington carries out its intended plan it will have devastating effects on the independent community mortgage lender — you.