Magazine article Mortgage Banking

MBA Chairman Testifies on Abusive Lending

Magazine article Mortgage Banking

MBA Chairman Testifies on Abusive Lending

Article excerpt

MBA CHAIRMAN ROBERT M. COUCH, CMB, testified before the Financial Services Committee of the U.S. House of Representatives on the four elements essential to preventing abusive lending practices in the mortgage industry: consumer education, simplification of the mortgage process, vigorous enforcement of current laws and nationwide uniformity of laws and regulations.

"MBA would like to reiterate our ongoing commitment to eliminating abusive lending practices in the mortgage industry," stated Couch. "These practices seriously undermine the excellent work being done by reputable lenders to provide mortgage loans to those wishing to fulfill the dream of owning a home. This issue is of high importance and we strongly believe that MBA's four-pronged approach to solving this problem will be of mutual benefit to consumers and the mortgage industry."

The first element to solving the issue of abusive lending is the education of consumers during the mortgage process. MBA's "Stop Mortgage Fraud" consumer education program is one example of the education process. The program, available both in English and Spanish, provides guidance to consumers about how they can combat potentially abusive loan practices by providing a borrower's Bill of Rights, a list of 10 warning signs of abusive lending and information on how to report suspected unethical lenders. …

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