Mortgage News

11/9/07 NAMB Legislative Alert On HR 3915

Comments Off on 11/9/07 NAMB Legislative Alert On HR 3915
Posted by on October 15th, 2008

LEGISLATIVE ALERT
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.

Continue Reading »

Mortgage News

HR 3915 Final House Vote Results

Comments Off on HR 3915 Final House Vote Results
Posted by on October 15th, 2008

Dear NAMB Member,

Success! YSP PRESERVED. Today, the U.S. House of Representatives passed the final version of H.R. 3915, the “Mortgage Reform and Anti-Predatory Lending Act of 2007″ on a vote of 291 to 127. This bill includes three important provisions that offer effective consumer protection without favoring any market competitor: Continue Reading »

Mortgage News

HR 3915 Manager’s Amendment

Comments Off on HR 3915 Manager’s Amendment
Posted by on October 15th, 2008

Amendment in the Nature of a Substitute to

The Mortgage Reform and Anti-Predatory Lending Act of 2007 (H.R. 3915)

TITLE I-MORTGAGE ORIGINATION

Subtitle A – Licensing System for Residential Mortgage Loan Originators

Sec. 101.  Purposes and methods for establishing a mortgage licensing system and registry.

Sets forth objectives for a Nationwide Mortgage Licensing System and Registry (NMLSR) for the residential mortgage industry to be established by the States through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators.

Sec. 102.  Definitions.

Establishes definitions for various terms for this subtitle, including:  “loan originator,” “loan processor or underwriter,” “nationwide mortgage licensing system and registry,” “registered loan originator,” “residential mortgage loan,” “State-licensed loan originator,” and “unique identifier.”

Continue Reading »

Mortgage News

HR 3915 Mortgage Reform Bill – Full Text

Comments Off on HR 3915 Mortgage Reform Bill – Full Text
Posted by on October 15th, 2008

110TH CONGRESS 1ST SESSION

H. R. 3915

To amend the Truth in Lending Act to reform consumer mortgage practices and provide accountability for such practices, to establish licensing and registration requirements for residential mortgage originators, to provide certain minimum standards for consumer mortgage loans, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

OCTOBER 22, 2007 Mr. MILLER of North Carolina (for himself, Mr. WATT, Mr. FRANK of Massa­chusetts, Ms. WATERS, Mrs. MALONEY of New York, Mr. GUTIERREZ, Ms. CARSON, Mr. MEEKS of New York, Mr. CAPUANO, Mr. CLAY, Mr. AL GREEN of Texas, Mr. CLEAVER, Ms. BEAN, Ms. MOORE of Wisconsin, Mr. HODES, Mr. ELLISON, and Mr. MURPHY of Connecticut) introduced the following bill; which was referred to the Committee on Financial Serv­ices

Continue Reading »

Mortgage News

HR 3915 Reform Act Section by Section Summary

Comments Off on HR 3915 Reform Act Section by Section Summary
Posted by on October 15th, 2008


The Mortgage Reform and Anti-Predatory Lending Act of 2007

Section-by-Section Summary

TITLE I—MORTGAGE ORIGINATION

Sec. 101. Definitions.
Establishes definitions for various terms, including:  “mortgage originator,” “qualified nationwide registration regime,” “qualifying state licensing law,” “residential mortgage loan,” and “securitizer.”

Sec. 102. Residential mortgage loan origination.
Provides that all mortgage originators (including mortgage brokers and depository institutions that originate mortgages) will be subject to a federal duty of care that requires (1) licensing and registration under State or Federal law, (2) diligently working to present consumers with a range of residential mortgage loan products appropriate to the consumer’s existing circumstances, (3) making full, complete, and timely disclosures to consumers, (4) certifying to creditors compliance with mortgage origination requirements under this section, and (5) including in all loan documents the unique identifier of the mortgage originator provided by the qualified nationwide registration regime.  This subsection expressly does not create an agent or fiduciary relationship, but mortgage originators are free to become an agent or a fiduciary if they so desire.  HUD, OCC, OTS, and FDIC, in consultation with FTC, will jointly prescribe regulations to further define the federal duty of care.

Continue Reading »

Mortgage News

HR 3915 HFSC NAMB Testimony

Comments Off on HR 3915 HFSC NAMB Testimony
Posted by on October 15th, 2008

Prepared Testimony of

Marc Savitt, President-Elect

National Association of Mortgage Brokers

on

“Legislative Proposals on Reforming Mortgage Practices”

Before the

House Financial Services Committee

United States Congress

Wednesday, October 24, 2007

Good morning Chairman Frank, Ranking Member Bachus, and Members of the Committee, I am Marc Savitt, President-Elect of the National Association of Mortgage Brokers (“NAMB”). Thank you for inviting NAMB to testify today on “Legislative Proposals on Reforming Mortgage Practices.” We appreciate this opportunity to share with you our views on the Mortgage Reform and Anti-Predatory Lending Act of 2007 (“H.R. 3915”).

Continue Reading »

Mortgage News

HR 3915 NAMB Teleconference Info

Comments Off on HR 3915 NAMB Teleconference Info
Posted by on October 15th, 2008

H.R. 3915 is poised to .R. 3915 the Mortgage Reform and Anti-Predatory Lending Act of 2007

National Teleconference to Discuss H.R. 3915 the “Mortgage Reform and Anti-Predatory Lending Act of 2007

Mortgage brokers are facing extinction. The U.S. House of Representatives is considering a bill that will fundamentally change the way we are paid, outlaw YSP, and legislate underwriting guidelines into law. Additionally, we fear that all subprime lending will cease to exist due to excessive lender liability. It is important that you read this memo.

We are calling upon our members to respond as never before. To save our industry, we are asking you to learn about this threat and then contact your congressman.

TIME IS CRITICAL. The bill became public last week. The U.S. House of Representatives Financial Services Committee will vote next week.

Continue Reading »

Mortgage News

HR 3915 Mortgage Reform Act of 2007

Comments Off on HR 3915 Mortgage Reform Act of 2007
Posted by on October 15th, 2008

H.R. 3915 Is Bad For Consumers!

This is a critical time. Our Representatives are considering legislation that limits consumers’ options, will raise the cost of financing of a home, and seriously limits competition in the lending industry. H.R. 3915, in its current form, will seriously decrease the options consumers have in the market place and will hurt first time homebuyers and borrowers that need to consider financing options that do not require closing costs to be paid upfront. It is important that we stand up to HR 3915 and the lobbyists and special interest groups that are pushing it, in order to protect consumers and American Home Owners. Do not think this cannot seriously affect you, if you are a current or future home owner, you will be negatively affected by HR 3915 if it passes in its current form, it must not pass!

Breakdown of H.R. 3915, Proposed Mortgage Reform Legislation

H.R. 3915, otherwise known as H .R. 3915 the Mortgage Reform and Anti-Predatory Lending Act of 2007, is poised to effectively end the practice of brokering mortgage loans as we know it by eliminating YSP or Yield Spread Premium. This bill will not only eliminate a necessary part of the lending mechanism that Americans depend on for home financing, but more importantly, it will hurt consumers by raising their costs for home loan financing, decrease competition, and give consumers less options for financing their homes.

Continue Reading »

FEEDBACK