Elizabeth Warren Fields Questions and Concerns about CFBP from Mortgage Industry Trade Groups

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Compliance expert Jonathan Foxx interviews Elizabeth Warren about the Consumer Financial Protection Bureau and its role with mortgage companies.

National Mortgage Professional Magazine has released its July 2011 issue featuring an exclusive interview with Elizabeth Warren, the Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau (CFPB). The interview was conducted by Jonathan Foxx, founder and president of the Association of Residential Mortgage Compliance Professionals (ARMCP), and President and Managing Director of Lenders Compliance Group.

The questions for the interview were developed through a collaborative effort between leading mortgage industry trade groups and Warren herself. Foxx worked with trade groups, including the Association of Residential Mortgage Compliance Professionals (ARMCP), Community Mortgage Bankers Project (CMBP), Impact Mortgage Management Advocacy & Advisory Group (IMMAAG), National Association of Independent Housing Professionals (NAIHP), National Association of Mortgage Brokers (NAMB), National Association of Professional Mortgage Women (NAPMW), National Association of Realtors (NAR), National Credit Reporting Association (NCRA), National Reverse Mortgage Lenders Association (NRMLA), and Real Estate Services Providers Council (RESPRO) to craft questions that would help provide the mortgage industry with some clarity on the CFPB’s role as it relates to mortgage lending and prepares to assume its regulatory power over the industry.

In the interview, Warren shares her views on the markets, stating “Our primary goal is to make markets for consumer financial products and services work in a fair, efficient and transparent manner.” Warren also discussed her views about a level playing field, warning, “If we continue on our current regulatory trajectory, traditional banks and credit unions will be put at a further disadvantage that could push many out of business.”

About this unprecedented interview with so many associations, Foxx said, “I am grateful to Professor Warren for participating in this dialogue. I sought to encourage a forum between Professor Warren and mortgage industry leaders and this article accomplishes that goal.”

In the interview, Elizabeth Warren answers questions about the role of the CFPB, as well as how the CFPB’s mission may affect state law, the mortgage industry, mortgage brokers, and even educational opportunities for mortgage loan originators. The article also contains a section, entitled “In Her Own Words,” which provides additional insight into Professor Warren’s views about consumer financial protection.

Said Foxx, “I am delighted by Professor Warren’s willingness to share her views and vision, and very pleased by the earnest and prompt response on behalf of industry organizations to participate in this interview.”

National Mortgage Professional Magazine has provided access to free preview of the magazine with full access to the Elizabeth Warren interview at NMPMag.com/Warren.

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