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Lenders Favor Pre-Emption.
Mortgage servicers have joined other industry voices and are advocating for one set of national rules governing "predatory lending" as the issue continues to spread into their sphere of business.
Speaking at the MBA's National Mortgage Servicing Conference here last week, Robert Caruso, executive vice president at Wells Fargo Home Mortgage and chairman of the MBA's loan servicing committee, said that pending legislation and regulation as well as existing predatory lending rules "have a direct impact on the way we do business."
A single, comprehensive national law that pre-empts the proliferating state and local patchwork of predatory lending rules will benefit loan servicers, he said.
"We don't need to take players out of the industry because of bad legislation."
Moreover, he said the existing regulatory framework raises serious questions for servicers, particularly in the area of pre-emption. Currently, federal banking regulators such as the Office of the Comptroller of the Currency and the Office of Thrift Supervision are seeking to exempt companies under their supervision from state and local laws.
He said the OCC's ...
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Source: HighBeam Research, Lenders Favor Pre-Emption.