Member News - Mortgage Bankers Association of Maine
Chris Cruise, director of compliance for Mortgage Banking Systems/ProClose.com, forwarded the attached communication that outlines a number of proposed changes and provides links to further information on all of the changes. Cruise advises that:
“This proposal has the potential to dramatically change the way we do business, and members should take the time to get acquainted with it and prepare to submit comments on it. Comments do have an impact, and can be submitted in just minutes online. They do not need to be lengthy or formal. All comments are read and are taken into consideration. Comments do result in changes, but the bureaucrats who regulate the industry (but are often not very familiar with it) won't make changes unless the industry alerts them to the potential negative impact on consumers and on small businesses of proposed regulations. If no comments are submitted, the regulators will assume that they are doing the right thing and that the industry agrees with their proposed rules.”
FederalReserveMemo.pdf