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Community Mortgage Lenders of America Reaches 100 Members

The ""Community Mortgage Lenders of America"":http://thecmla.com/ (CMLA) is now 100 members strong, the organization announced Tuesday.

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The group, created to preserve and strengthen the role of the community mortgage banker and lender, also announced the formation of a legislative task force to help streamline local lending regulations and improve credit access. The CMLA intends to present legislative ideas to Congress to help with economic recovery, create jobs, and prevent additional concentration amongst the country's largest banks and mortgage lenders.

The organization clarified that while it seeks to streamline regulatory burden, it will not work to undermine the intent of regulatory legislation like the Dodd-Frank Act.

""The CMLA appreciates the intent of the Dodd-Frank Act that created the CFPB (Consumer Financial Protection Bureau) to prohibit predatory and abusive lending practices and to improve transparency in the lending markets,"" said Mark McDougald, CMLA chair and CEO of ""FirsTrust Mortgage"":http://www.getamortgageplan.com/index.php. ""While we agree consumers need regulatory protection, we remain deeply concerned about the far-reaching impacts of several of the proposed rules and the heightened pace of regulatory burden applied through the CFPB.""

McDougald added he feels the group's growing membership is proof more and more community lenders feel they need a stronger voice.

""Our membership growth is fueled in part by the increasing concern that Washington, wittingly or unwittingly, has chosen policies that drive good community lenders from the market,"" he said. ""Many market observers, as well as our membership, remain concerned that consumer choice has been reduced with the overall market concentration among the nation's largest lenders, a concentration that has already grown dramatically during this downturn.""

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