MBA Comment on Appeals Court Ruling in PHH v CFPB
|Rob Van Raaphorst|
|(202) 557- 2799|
WASHINGTON, D.C. (February 1, 2018) - David Motley, CMB, Chairman of the Mortgage Bankers Association, issued the following statement in response to the DC Circuit Court Of Appeals ruling in the case of PHH Corporation et al v. Consumer Financial Protection Bureau:
"MBA is gratified the Court recognized that the CFPB violated the law when it tried to change longstanding RESPA rules through the enforcement process rather than by issuing a new rule or guidance. This decision notwithstanding, the Bureau still owes the industry clear and constructive guidance on its view of the permissibility under RESPA of arrangements like marketing services agreements. Greater regulatory clarity and consistency on this front will benefit consumers and lenders alike."