Iowa industry appointments update - 1/3/2007 – NMP Skip to main content

Iowa industry appointments update - 1/3/2007

National Mortgage Professional
Jan 02, 2007

Mortgage brokers call for uniform application of non-traditional loan guidanceMortgagePress.comNAMB, CSBS, AARMR, non-traditional loan guidance, Harry H. Dinham State-level companion guidance should mirror recent federal approach The National Association of Mortgage Brokers has urged federal and state regulators to ensure that any guidance on non-traditional loans be uniformly applied to all mortgage originators and enforced in the same manner. In early November 2006, the NAMB board of directors unanimously passed a resolution urging the federal banking agencies to delay implementation of their recent guidance that addressed issues relating to non-traditional mortgages until companion guidance that embodied the same principles could be applied evenly and in the same fashion to all mortgage originators. NAMB is now responding to companion guidance recently issued by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, which is largely based on the federal guidelines published in early October 2006. NAMB President Harry H. Dinham, CMC said the association supported the guidance, but didnt believe it would be effective unless consistently applied to all mortgage originators. Uneven or uncoordinated implementation of either the federal or state-level companion guidance will result in consumer confusion and marketplace inefficiencies that will hurt small businesses and potential homebuyers and sellers, said Dinham. He noted that NAMB could only support the companion guidance if it were: 1. Adopted by each state in a form and substance that mirrored the principles and standards outlined in the federal guidance (no more, no less); 2. Applied to all mortgage originators; and 3. Implemented with the same force and effect as the federal guidance, (e.g., as guidance or best practices, not as law or regulation). The regulators have stated that they believe this guidance will protect consumers and enhance the safety and soundness of the industry, said Dinham. We support them in this goal, but it is hard to envision this happening unless consumers are protected by the same set of guidelines, regardless of where they choose to get a loan. NAMB representatives were active in the comment process that led to the federal non-traditional loan guidance, and Dinham said the association is still dedicated to working with industry partners and regulators to create guidance that truly meets the needs of consumers. For more information, visit www.namb.org.
Published
Jan 02, 2007
OpenClose Launches Mobile Assist

OpenClose, a fintech provider of mortgage software solutions for banks, credit unions, and mortgage lenders launched its native mobile app platform, Mobile Assist.

Tech
Dec 07, 2021
Deephaven Heightens Foreign National DSCR Program

Deephaven is amping up its Foreign National DSCR Program as a response to the increase in the real estate investment market.

Non-QM
Dec 07, 2021
Revolution Mortgage Opens Second Mortgage Branch In Cincinnati

Columbus, OH-based Revolution Mortgage announced the opening of its second branch in Cincinnati and 14th branch in Ohio.

Industry News
Dec 06, 2021
Nations Lending Teams Up With NBA Legend Dennis Rodman On Integrated Brand Campaign

Nations Lending, a full-service national mortgage lender, announced the launch of its first integrated brand campaign starring NBA Champion and All-Star Dennis Rodman.

Sales and Marketing
Dec 06, 2021
Black Couple 'Erased Themselves' From Home, Receives Higher Appraisal

Paul Austin and his wife, Tenisha Tate-Austin are looking to take legal action after receiving a higher appraisal on their home only after “white-washing” their home by removing any trace of themselves.

Industry News
Dec 06, 2021
Manufactured Housing: The New Affordable Alternative

While the housing market is grappling with widespread affordability and supply, manufactured homes are gaining ground as a new alternative. 

Industry News
Dec 03, 2021