Consumer Mortgage Coalition

801 Pennsylvania Avenue, NW
Washington DC 20004

Tel:  202/742-4366

Fax: 202/403-3926

e-mail: ne@canfieldassoc.com

 

·         Anne Canfield, Executive Director

Background:

The Consumer Mortgage Coalition (CMC), formed in 1995, is an industry trade group that represents the national residential mortgage lenders, servicers, and service providers.  Members include the mortgage divisions of CitiCorp, Chase Manhattan, Wells Fargo, and GE Capital. The members participate in every stage of the home financing process, from providing loan information and taking loan applications, to processing and funding loans, to insuring loans, to purchasing loans from brokers and other lenders, to finally pooling and repackaging loans for sale on the secondary market as mortgaged backed securities.  In addition, its members are leaders in consumer financial services, including auto finance, home equity, lending products, education loans, small business services, community development, investment deposits and delivery.

Programs/Services:

The Coalition was formed, in large part, to pursue reform of the mortgage origination process. It states, "One of the principle goals of mortgage reform is to streamline the mortgage origination process so that consumers would be better informed when making credit choices."  A key component of this process is the goal of reducing abusive lending practices.  The Coalition believes that better disclosures and substantive protections can enhance consumer protection.  The focus should be to allow consumers to make better choices in the credit market. 

The CMC was part of an industry coalition pitching legislation to reform the mortgage lending industry.  That effort " which involved hearings in the fall of 1998 before the House Financial Services Committee - collapsed because of discord between consumer and industry advocates.

Since that time the CMC has participated in almost every aspect of Federal legislative activity and regulatory rulemaking relating to the mortgage industry.  It frequently testifies before Congress and comments on proposed rules by HUD, OCC, Freddie Mac and Fannie Mae.  Its efforts are focused exclusively on lobbying in Washington, D.C. for the mortgage industry and the interests of their prime members.

#  #  #

---