Author:Hewitt, Janet Reilley
Position:DEPARTMENTS: DAVE'S DESK - Small talk with Mortgage Bankers Association chief executive officer Dave Stevens - Interview

You'd think Dave Stevens would get enough drama from dealing with Capitol Hill every day. But apparently not. [paragraph] It seems he likes political drama--if by "political drama" you mean the hit rap musical currently on Broadway based on the life of Alexander Hamilton. He's already seen Hamilton once and was set to see it again in New York when we interviewed him in early May.

Would I have pegged him for a hip-hop musical theater fan? Not really. But that just shows you what I know.

Hamilton has notched a record 16 Tony Awards nominations and is impossible to score tickets for--so it's clear the Mortgage Bankers Association (MBA) chief executive knows somebody, who knows somebody (but we knew that). It might be that he knows a scalper, but hey--whatever it takes.

And forget about waiting until the hip-hop musical makes it to Washington, D.C., If you are connected, you go to the source on this one.

Hamilton won't make it to Washington until the Kennedy Center's 2017-2018 season, when it will have a 14-week run starting in June 2018. And if you want "a guaranteed shot at securing tickets for Hamilton, you'll have to buy an expensive season subscription--for both the 20162017 and the 2017-2018 season," according to The Washington Post.

And that's just not going to work for Stevens, who doesn't much like waiting around if you can get it done now. But speaking of waiting around, the industry finally got what it's been waiting months for from the Consumer Financial Protection Bureau (CFPB). In an April 28 letter, CFPB Director Richard Cordray promised to engage in formal rulemaking to clarify areas under the Know Before You Owe rule that are causing problems for the industry due to a lack of specific regulatory guidance.


This welcome news of more official guidance comes after the rule went into effect on Oct. 3, 2015, leaving almost seven months for lenders and their lawyers scrambling to address a growing list of questions.

The industry has been supplying the CFPB with data on areas where the disclosure rule has been creating closing delays, causing friction in loan sales to investors, sidelining certain loan products and creating other concerns about time " stamps and disclosure minutia.

After months of collecting data about " the confusion, the CFPB director finally sent his April letter addressed to "Industry Trades and their Members." The 2 letter states that in late July, the CFPB hopes to issue for public comment...

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