MBA Statement on PHH Ruling
|Rob Van Raaphorst
|(202) 557- 2799|
WASHINGTON, D.C. (October 11, 2016) - David H. Stevens, CMB, President and CEO of the Mortgage Bankers Association (MBA), issued the following statement on the appellate court ruling which overturns the CFPB's $109 million fine against mortgage company PHH Corp:
"MBA is gratified that the court has issued an extremely thoughtful opinion. It addresses all of the key issues raised by the PHH case, including the proper interpretation of the Real Estate Settlement Procedures Act (RESPA), the need for due process including reasonable statutes of limitations and the very constitutionality of the CFPB itself.
"All that said, we recognize that the CFPB does important work to protect consumers and that this case is far from settled and expect the Government to continue to litigate it. We will continue to fight on behalf of our members, particularly on the RESPA and due process issues, as they go to the heart of a core argument that MBA has been making for several years now - that lenders need clear, consistent and reasonable interpretations of the rules in order to be able to best serve their borrowers and contribute to a smoothly functioning real estate market."