National Mortgage Servicing Standards Must Exempt Community Banks, ICBA Official Says
August 4, 2011
Community bankers are lobbying for an exemption from national mortgage servicing standards that are evolving from federal rule-makers and secondary-market investors, arguing that they could drive smaller companies out of the servicing business. Jack Hopkins, CEO of CorTrust Bank in Sioux Falls, SD, urged the Senate Banking, Housing and Urban Affairs Committee this week to exempt small banks from new guidelines being drafted by banking and consumer protection regulators. Representing the Independent Community Bankers of America, Hopkins said the increased attention on mortgage servicing is raising ...