From NAMB Government Affairs
On Tuesday, the House Financial Services Committee (“HFSC”) debated, marked-up, and voted 45-19 to approve the Mortgage Reform and Anti-Predatory Lending Act of 2007 (“HR 3915”). This vote clears the way for HR 3915 to move to the floor of the U.S. House of Representatives for further debate and a vote of the full House, which is expected to occur as early as next week.
The amended version of HR 3915 retains provisions calling for a national registry for all mortgage originators, including a registry for federal bank loan officers, and strengthening professional standards for those originators operating under state licensing regimes. Removed from the bill are the unduly burdensome net worth and surety bond requirements originally included, leaving it to the states to individually determine appropriate bonding requirements for mortgage originators.