The mortgage industry’s three largest advocacy groups are currently urging the Supreme Court to recognize the far-reaching consequences the CFPB’s constitutionality decision will have on the industry. The Mortgage Bankers Association(MBA), National Association of Home Builders(NAHB) and the National Association of Realtors (NAR) want to make sure that the Supreme Court is aware of the monumental implications this ruling will have, both now and in the future.
These three organizations are united in their fight for a decision that continues to ensure that the real estate industry is functioning properly and in the best interests of all industry stakeholders. They believe firmly that this decision could potentially have a long-term and devastating impact, negatively affecting the industry in a variety of ways.
The advocacy groups, who support the CFPB and it’s role as protector of consumer rights, point to the potential for uncertainty and lax regulation that could arise in the event of a ruling in favor of the Plaintiff. If that were to happen, the CFPB would become severely weakened and it might be easier for lenders to prey on consumers or violate contractual agreements. The groups also raised the possibility of restricted access to mortgage financing which could be profoundly detrimental to potential homebuyers, along with the threat of higher costs and reduced choices for customers.
• The Mortgage Bankers Association (MBA), National Association of Home Builders (NAHB), and National Association of Realtors (NAR) are petitioning the Supreme Court to acknowledge the industries concerns with the CFPB’s constitutionality decision
• The decision has far-reaching implications for the real estate industry
• The potential for less regulatory framework, less consumer protection, and a potential decrease in access to mortgage financing could have severe repercussions
• Consumer rights are at the heart of this case
You can read this full article at: https://www.housingwire.com/articles/mba-nahb-urge-court-to-consider-impact-of-cfpb-constitutionality-decision/(subscription required)
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