Mortgage Reform Bill Introduced Today

Today, the House Financial Services Committee Chairman Barney Frank (D-MA), along with Representatives Miller (D-NC) and Watt (D-NC), introduced the "Mortgage Reform and Anti-Predatory Lending Act of 2007." If enacted, the bill would call for licensing and registration of mortgage originators, regardless of where they work, in addition to criminal background checks, testing and continuing education. The bill also prohibits steering; establishes a federal duty of care; creates an ability to repay standard; and imposes limited liability to secondary market securitizers.

Full copy of the bill

House Financial Services Committee Press Release

Bill section by section summary

Posted by Allan Pape on 10/23/2007 09:11 PM

Comments (2)

Post is included in group: Carnival of Content - Loan Officers/Mortgage Lenders

2 Comments on Mortgage Reform Bill Introduced Today

Allan,

Creating a federal registry and licensing regimen for loan officers would be a big help for the industry. As it is right now, some states license and test their originators annually, like Nevada, and several others have hardly any oversight.

10/23/2007 09:42 PM

by Esko Kiuru - Las Vegas NV Mortgage Consultant (Sinifox Financial)

If the Bill was actually crafted as the ORIGINAL Preditory Lending Bill in NC was - it would be GREAT! However, the Self Help guys in Durham, NC have gotten inside Miller and Watts head - and the Bill will likely have no SRP / YSP as a result. The newest legislation changes here were made literally at 11 at night when our counsel left the room. NCAMP Counsel left the room thinking everything was done - they introduced the new wording and voted on it the next day at 10am!! WATCH OUT for these guys!

10/24/2007 01:49 PM

by Eleanor Thorne, Cary Mortgage Loans (Meridian Residential)

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Allan Pape
Austin, TX
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