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mortgage reform: House passes HR 1728 - Updated 5/9/09 - 05/07/09 04:56 PM
The House of Representatives passed HR 1728 this afternoon. The mood of the legislators is to provide protections for consumers and to prevent abuses in lending practices and in loan programs. It is difficult to argue against preventing abuses.
The final version of the bill is not available, as far as I can find. There was a published report from the Floriday Association of Mortgage Brokers that an amendment was introduced that would in effect ban yield spread premiums completely.
I have not been able to find the actual amendment language that this notice refers to, but I think it is fairly … (3 comments)
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mortgage reform: Understanding Yield Spread Premium and the Congressional threat - 04/30/09 09:39 PM
Yield spread premiums may be the most misunderstood facet of the retail mortgage industry. They are receiving a disproportionate share of blame as a result of this misunderstanding. If some in Congress have their way, the mortgage brokerage industry will be significantly jeorpardized and consumers will suffer.
Two bills pending in Congress target yield spread premium. In the House, HR 1728, is scheduled for full vote next week. In the Senate, SR 896 a bill addressing mortgage modification with amendment 1015 to ban all yield spread premiums and SR 912 a bill specifically to ban yield spread premiums.
I am writing another post about this issue … (0 comments)
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mortgage reform: HR 1728 Mortgage Reform 2009 - NAMB call for action - 04/28/09 07:19 AM
NAMB has issued a call to action in response to today's markup of HR 1728 by the House Financial Services Committee.
UPDATE 4/29: The House Financial Services Committee has passed HR 1728, without HVCC delay amendment. Additionally there are provisions for credit risk retention and for yield spread premium restrictions. This according to several news sources. Here is the story from Wall Street Journal.
The primary focus of NAMB's call for action is to push for an amendment to delay implementation of HVCC, the policy that mandates a property appraisal process that many active in the industr believe will introduce inefficiency, … (21 comments)
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mortgage reform: HR 1728 Mortgage Reform 2009 - Anti-Predatory Lending - 04/27/09 05:01 PM
HR 1728 will be considered tomorrow before the House Financial Services committee. It needs to be known by all that mortgage reform in some form is coming this year.
Some of the main points of HR 1728 include a Federal Duty of Care that included licensing, providing "appropriate mortgage loans", and tagging each loan with an originator ID. That is pretty interesting.
Yield spread premiums are specically labelled steering incentives, The scary thing about this label is that it reveals to me a lack of understanding about the bond market on the part of those who are making this legistation.
The language is … (27 comments)
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mortgage reform: NAMB must do better representing brokers before Congress - 04/24/09 07:23 AM
In this post, which started as Members Only but was posted public as comments grew, I falsely attributed to NAMB Government Affairs Committee Chariman, Denise Leonard, with calling yield spread premium a kickback and not being able to answer whether capitalism is the same as "survival of the fittest.
These comments were apparently made by the representative of Federal Reserve. Looking over the list of witnesses at the hearing, the Federal Reserve representative was Ms. Sandra Braunstein, Director of the Division of Consumer and Community Affairs.
Mark Green, of http://www.topofmind.com/, has researched and discovered my error. I apologize to NAMB, the AR community, … (58 comments)
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mortgage reform: TN Mortgage Originator Reform Act signed last week - 06/08/08 12:34 PM
Last week, Governor Phil Bredesen signed into law the new Mortgage Originator Reform bill. This legislation mandates continuing education for all persons who originate mortgage loans in the state. It is really the second step taken to enhancing professionalism in mortgage industry in Tennessee.
Prior to the institution of originator registration, three years ago, there were only minimal requirements to become a mortgage professional. The requirements primarily were to post a bond.There were no educational requirements.
State licensing has helped, but I think that the education requirement is an even bigger step.
It still remains to be seen how the new … (5 comments)
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Richard Smith FHA VA Rural Development in TN GA
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