Consumer Group and Housing Industry Comments on HUD Actions to Save Consumers Millions in Mortgage Broker Fees

Margot Saunders, Managing Attorney, National Consumer Law Center - "We are gratified to see that the final policy statement HUD has issued addresses our concerns….. We congratulate HUD for its good work on this difficult task, and thank Secretary Cuomo and the General Counsel and her staff for reflecting our clients' interests in the final result."

Frank Torres, Legislative Counsel, Consumers Union - "The more Secretary Cuomo does to help consumers understand the cost of getting a loan, the better the marketplace becomes. By further recognizing that homebuyers deserve upfront and firm information about interest rates and closing costs, the Secretary, in this policy statement, helps further the goal of getting consumers the tools they need to shop for the best mortgage deal."

Tuck Marshall, President of the National Association of Mortgage Brokers - "NAMB applauds Secretary Cuomo and the Department of Housing and Urban Development for resolving this issue. They are to be commended for going above and beyond the Congressional mandate, both in the statement itself, and in the collaborative process they employed in developing the statement. This will allow mortgage brokers to continue contributing to even higher rates of homeownership, a goal NAMB wholeheartedly shares with the Secretary."

Donald Lange, President of the Mortgage Bankers Association of America - "The MBA applauds the Department of Housing and Urban Development for producing a statement of policy on payments by wholesale lenders to mortgage brokers, or yield spread premiums. The Statement, clearly a positive step in the right direction on a vexing issue under RESPA, provides greater clarity for both consumers and industry. Secretary Cuomo's leadership was indispensable in bringing consumer advocacy groups and industry groups together and fashioning a statement that we all can support. We look forward to working with Secretary Cuomo and his staff in the continuing effort to achieve comprehensive reform."

Anne Canfield, Executive Director of the Consumer Mortgage Coalition - "The Consumer Mortgage Coalition applauds Secretary Cuomo's leadership in clarifying this important issue, and we look forward to continuing to work with the Secretary and his Department on improving the mortgage process for consumers and industry alike."

Content Archived: January 20, 2009