“There are things outside the four walls of our respective companies and organizations that influence how we interact with customers and how we conduct business,” Bill Cosgrove, CEO of Union Home Mortgage and past chairman of the MBA, told Paydayloans247. “If we are able to better unite as one voice, it will help the industry and consumers.
“I think the industry is taking note and we need to take a page out of the playbook of Realtors.”
According to Cosgrove, mortgage bankers at all levels should be pushing for clearer guidance from the regulators – and one way of doing so is by better uniting as one to ensure all voices are heard.
And at least one industry association is making inroads in achieving that.
“It’s difficult to run an organization when you don’t have clear guidance from the regulators,” Cosgrove said. “The Mortgage Bankers Association is working with the CFPB to open up the dialogue so the industry has a better idea of what (the regulator) plans to enforce.”
This initiative will hopefully allow the industry to better prepare for any pending regulatory changes. And avoid any confusion brought on by new changes, as was the case for many originators with the recently implemented TRID.
“We would like more information prior to enforcement,” Cosgrove said. “We’re all assessing risk every day; there’s a lot to deal with and the more guidance from regulatory agents, the easier we will stay in the swimming lane of what is acceptable.
The mortgage industry needs one united voice, according to one industry veteran who suggests taking a page out of another industry’s book.