Summary of Manager’s Amendment to H.R. 3915 Title I (Mortgage Origination) Subtitle A.  Licensing System for Residential Mortgage Loan Originators. * This subtitle is from Rep. Bachus’ bill (HR 3012) and provides for licensing and registration of individual mortgage brokers and registration of bank employees that originate mortgages, as well as the establishment of a [...]

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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 [...]

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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:

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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 [...]

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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, [...]

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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 [...]

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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 [...]

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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 [...]

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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 [...]

Tags: hr 3915, mortgage legislation, mortgage reform act, yield spread premium, YSP