RISMEDIA, Oct. 26, 2007-The National Association of Mortgage Brokers (NAMB) called language included in the Mortgage Reform and Anti-Predatory Lending Act of 2007 to create a national registry of loan originators a “tremendous victory” for consumers, noting it will drive bad actors from the mortgage industry.
“This major step toward protecting consumers from dishonest loan originators is something NAMB has advocated for years,” said NAMB President-Elect Marc Savitt. “It will prevent bad actors from moving unchecked from one entity to another and one community to another without interference, as they have been able to do until now.”
Testifying before the House Financial Services Committee, Savitt said “a national registry will afford all current and prospective home buyers protection from predatory lenders, who should be given nowhere to go but out of the industry entirely. We at NAMB salute the Chairman and members of the Financial Services Committee for their leadership in bringing this important legislation forward.”
Savitt said to be effective, a national registry must be governed by a federal agency such as the Federal Trade Commission, it must include every individual mortgage originator (including loan officers working for federal- and state-chartered banks and lenders, credit unions and mortgage brokers), and it should be funded by fees paid by every individual to cover operational costs of the registry and to create funds for enforcement and consumer financial literacy education programs.
The National Association of Mortgage Brokers is the voice of the mortgage broker industry with more than 25,000 members in all 50 states and the District of Columbia. NAMB provides education, certification and government affairs representation for the mortgage broker industry, which originates over 50% of all residential loans in the United States.
For more information, visit www.namb.org.
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