The Community Home Lenders Association (CHLA) has proposed an innovative solution to enhance housing affordability, specifically addressing the issue of rising legal costs for mortgage lenders. In a letter sent to the Federal Housing Finance Agency (FHFA), the CHLA suggests the utilization of attorney opinion letters as a potential remedy.
The CHLA argues that these opinion letters could be used in lieu of often expensive and time-consuming litigation, offering a cost-effective approach that could benefit both borrowers and lenders. By ensuring greater clarity on legal matters related to mortgage lending, attorney opinion letters may contribute to a more efficient transaction process.
Key points from the text:
– The CHLA suggests using attorney opinion letters to improve housing affordability
– These letters could replace costly litigation procedures
– The proposed approach aims to provide clarity on legal matters related to mortgage lending
– Attorney opinion letters are seen as a cost-effective solution that benefits both borrowers and lenders.
You can read this full article at: https://www.housingwire.com/articles/chla-voices-support-for-attorney-opinion-letters-to-fhfa/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.
