The article argues that the CFPB should modify its approach to regulation for smaller Independent Mortgage Banks (IMBs) by exempting them from exams based on size, volume, and risk. It suggests that larger IMBs should only be examined for specific gaps or at the request of state regulators. Furthermore, it advocates against regulatory practices that harm smaller IMBs and their borrowers, urging the CFPB to clarify and appropriately scale fines. The article highlights the need for increased flexibility in the LO Comp Rule to foster competition and suggests that existing court order registry requirements for IMBs be suspended as redundant.
The CFPB should exempt smaller IMBs from exams to enhance efficiency and reduce unnecessary regulatory burdens that hinder their ability to compete.
CFPB fines should reflect the severity of violations and be clearly defined, offering a fair approach for enforcement that supports smaller IMBs.
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