Recently the Consumer Finance Protection Bureau (CFPB) called into question RPM Mortgage’s interpretation and execution of rules regarding loan originator compensation during 2011, 2012 and 2013. As mentioned in the company’s statement, there were no allegations of harm to the company’s customers in the filed complaints. We reviewed our pricing in 2011-2013 and confirmed that RPM’s rates were always competitive and, for the majority of its loans, matched or beat the average rates in RPM’s markets of northern and southern California.
I have said before that I believe the transition in mortgage finance will include short-term pain, mid-term adjustments, and a new era in lending. Now that the Great Recession is behind us and recovery is underway, it is time to recognize and support a very important constituency that has been left out of our economic recovery – self-employed and retired (SE&R) consumers. RPM is leading the way to a new era with our recent release of the Tailored Line of borrowing solutions. The program offers common sense loans for qualified buyers in more segments of the community. It is my sincere belief that within the next few years many other lenders will agree with RPM’s stance that SE&R communities are alive and vibrant. Serving them, as well as other uniquely qualified buyers, with secure loans, is vital to the strength of our economy and our country.