Link to MBA Daily Update: Mortgagebankers.org Contact Your Vermont Representatives: House Senate Make your Voice Heard - Join the Mortgage Action Alliance Your national advocates - MBA MORPAC 2008 Vermont Bills of Interest H-644 VHFA Funding Cap Removal S-284 VT Participation in National Licensing S-355 VHFA Funding Cap Removal H.765 repeal the property tax adjustment for homeowners H.770 require that smoke and carbon monoxide detectors be installed H-801stormwater bill H.825 - appraisal limitation for reappraisal towns H.826 - study personal information collected in VT and privacy issues H.829 - Use Value Appraisal task force H.834 - move filing deadline for property tax adjustment claims H.R. 3915 FULL TEXT Search for Bill Text HR 3915 |
Vermont Mortgage Bankers Association
Legislative Update
| Vermont MBA Lobbyist MacLean, Meehan & Rice, LLC 45 Court St. Montpelier, VT 05602 www.mmrvt.com |
Contact us: 866-680-8622 |
 | |  | |  | |  | |  | |  | |  |
The Mortgage Reform and Anti-Predatory Lending Act of 2007
Update Provided by NAMB
HR 3915 Passed in the House of Representatives 291- 127
All-Originator Registry and Originator Compensation remain intact but the Battle in Washington Continues!
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:
1. A National Registry of All Mortgage Originators -- Mandating an all-originator national registry will be the
most effective protection consumers will have against bad actors in this industry. Its all-inclusive national scope
means mortgage originators, even those at banks and lenders, who break the law, cannot move from state to
state or from one company to another without being detected.
2. Enhanced Professional Standards for All Mortgage Originators - The bill as passed puts in place criminal
background checks, fingerprinting, education and pre-licensure testing for all mortgage originators regardless of
where they work. However, loan officers and employees of federal-depository institutions only need to be part of
the national registry system and do not need to comply with this bill's enhanced education and testing standards.
3. Preservation of Mortgage Originator Compensation and Consumer Financing of Points and Fees - The
original bill called into question the legitimate payment of the Yield Spread Premium, as well as the consumer's
option to finance points and fees into the loan (or obtain a no-cost loan). Working with House Financial Services
Committee Chairman Rep. Barney Frank (D-MA) and Representative Gary Miller (R-CA), NAMB was able to obtain
clarifications that preserves the ability of consumers to finance origination fees, points and other closing costs
into the loan rate or amount, and preserves the ability of mortgage originators to receive payment in such cases.
These provisions not only represent major victories for NAMB and for every mortgage originator, they are also
victories for the consumers we serve. We commend Rep. Barney Frank (D-MA), Chairman of the House Financial
Services Committee, and Rep. Spencer Bachus (R-AL), the Ranking Member of the Committee, for their leadership.
However, there are some provisions in the bill which NAMB did not support. These are located in Title III. We
believe these provisions will have a broad and negative impact on the availability and affordability of all credit,
and its effects will be felt most harshly by those with imperfect credit histories, even current borrowers who may
seek to obtain a mortgage loan to refinance their home and resolve payment issues.
Meanwhile, the debate rages on in Washington!
The debate in the U.S. House of Representatives is over. Now, the Senate is considering FHA reform, and a bill on
mortgage reform is expected any day. Industry eagerly awaits the release of HUD's new Good Faith Estimate and
other aspects of RESPA reform. The Federal Reserve Board is also expected to release new regulations
addressing unfair and deceptive acts and practices.
Update Provided by NAMB
HR 3915 Passed in the House of Representatives 291- 127
All-Originator Registry and Originator Compensation remain intact but the Battle in Washington Continues!
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:
1. A National Registry of All Mortgage Originators -- Mandating an all-originator national registry will be the
most effective protection consumers will have against bad actors in this industry. Its all-inclusive national scope
means mortgage originators, even those at banks and lenders, who break the law, cannot move from state to
state or from one company to another without being detected.
2. Enhanced Professional Standards for All Mortgage Originators - The bill as passed puts in place criminal
background checks, fingerprinting, education and pre-licensure testing for all mortgage originators regardless of
where they work. However, loan officers and employees of federal-depository institutions only need to be part of
the national registry system and do not need to comply with this bill's enhanced education and testing standards.
3. Preservation of Mortgage Originator Compensation and Consumer Financing of Points and Fees - The
original bill called into question the legitimate payment of the Yield Spread Premium, as well as the consumer's
option to finance points and fees into the loan (or obtain a no-cost loan). Working with House Financial Services
Committee Chairman Rep. Barney Frank (D-MA) and Representative Gary Miller (R-CA), NAMB was able to obtain
clarifications that preserves the ability of consumers to finance origination fees, points and other closing costs
into the loan rate or amount, and preserves the ability of mortgage originators to receive payment in such cases.
These provisions not only represent major victories for NAMB and for every mortgage originator, they are also
victories for the consumers we serve. We commend Rep. Barney Frank (D-MA), Chairman of the House Financial
Services Committee, and Rep. Spencer Bachus (R-AL), the Ranking Member of the Committee, for their leadership.
However, there are some provisions in the bill which NAMB did not support. These are located in Title III. We
believe these provisions will have a broad and negative impact on the availability and affordability of all credit,
and its effects will be felt most harshly by those with imperfect credit histories, even current borrowers who may
seek to obtain a mortgage loan to refinance their home and resolve payment issues.
Meanwhile, the debate rages on in Washington!
The debate in the U.S. House of Representatives is over. Now, the Senate is considering FHA reform, and a bill on
mortgage reform is expected any day. Industry eagerly awaits the release of HUD's new Good Faith Estimate and
other aspects of RESPA reform. The Federal Reserve Board is also expected to release new regulations
addressing unfair and deceptive acts and practices.