Broker/Appraiser Group Wants Representation at CFPB

The National Association of Independent Housing Professionals is asking the Consumer Federal Protection Bureau to open up its new Consumer Advisory Board to loan brokers, mortgage bankers, and appraisers, among others.

In a new letter to CFPB director Richard Cordray, NAIHP president Marc Savitt says he is disappointed that housing finance professionals were mostly left off the board. 

Savitt, who runs a small mortgage brokerage company in West Virginia, writes that “These are the very groups who are currently facing an onslaught of new rules and regulations and as licensed professionals have been denied a seat at the table. In our opinion, this does not represent a level playing field.”

NAIHP’s membership includes mortgage brokers and appraisers mostly. Savitt is a past president of the National Association of Mortgage Brokers.

The CFPB recently announced the membership of its Consumer Advisory Board, and three advisory ‘councils,’ two of which serve banks and credit unions, respectively.

A scan of the 20-plus members on the CAB reveal that very few have direct experience as mortgage originators. Officials from Citigroup and Centris Federal Credit Union in Nebraska are members of the panel, but many others work at consumer groups, academic institutions or in the policy area. (The Citigroup official carries the title of global consumer chief marketing and Internet officer.)  

A spokeswoman for the CFPB told National Mortgage News that the agency will not be commenting on the letter.