WEI Mortgage Corporation: Stakeholders Generally Approve of New CFPB Rule

Established in 2002, WEI Mortgage Corporation originates high quality residential mortgage loans. The company holds membership in the Better Business Bureau and the Mortgage Bankers Association. It is approved to originate FHA, VA, and USDA Rural Development loans.

The final qualified mortgage rule released by the Consumer Financial Protection Bureau (CFPB) in early 2013 has earned the support of America’s premier mortgage institutions. Debra Still of the Mortgage Bank Association (MBA) lauded the CFPB’s express goal of ensuring that customers receive loans they can repay. However, the MBA believes that goal ought to take into account the need for more widely available mortgage credit.

Complementing Debra Still’s views, Barry Rutenberg, the chairman of the National Association of Home Builders, weighed in on the subject. He indicated that the new rule must ensure that the right people receive the right financial products while at the same time protecting lending institutions from lawsuits that may result from compliance with this rule.

WEI Mortgage Corporation supports the goals of the Qualified Mortgage rule, namely, to offer borrowers loans that they can repay.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s