State Regulators Form Mortgage Task Force

The Conference of State Bank Supervisors has created a task force that is looking at ways to reduce the regulatory burden on state-licensed mortgage lenders."We are working very hard to closely evaluate rules and requirements that mortgage companies and related entities face," said CSBS senior vice president Montrice Godard-Yakimov. The group is "identifying specific areas where we can simplify existing rules," she said, and looking at ways to "harmonize" approaches across state lines. The state regulators want to enhance the value of state-licensed lenders in the wake of actions by the comptroller of the currency that have exempted the mortgage subsidiaries of national banks from state licensing and regulation. Ms. Godard-Yakimov noted that CSBS is working with the American Association of Residential Mortgage Regulators on the mortgage regulation project.