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On March 26th, Rep. Bradley Miller [D-NC] introduced H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act, a bill that he is sponsoring. It has currently been referred to committee, the same committee of which will report on the act later.
For those not familiar with the basic life cycle of a bill (from govtrack.us):
Introduced – [...]
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 Nationwide Mortgage Licensing System [...]
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 [...]
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:
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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