NAMB supports bi-partisan effort to establish national uniform lending standardsmortgagepress.comResponsible Lending Act, predatory lending, nationwide registry, licensing requirements
The National Association of Mortgage Brokers has applauded the
bi-partisan effort by Republican Rep. Bob Ney of Ohio and
Democratic Rep. Paul Kanjorski of Pennsylvania to address abusive
mortgage lending practices. The Responsible Lending Act was
introduced in the House of Representatives by Reps. Ney and
Kanjorski on March 15, and it will be referred to the Committee on
Financial Services where hearings are expected some time in
2005.
"We commend Reps. Ney and Kanjorski for introducing legislation
to create comprehensive uniform lending standards for the entire
country," said NAMB President Bob Armbruster. "Such standards
should help protect consumers and maintain the trust and integrity
of the mortgage lending industry."
Many states and localities have passed laws to address abusive
lending practices. While these laws were passed with good
intentions, the resulting patchwork of regulations has driven many
mortgage lenders away from those markets to the detriment of
consumers.
"NAMB has been a vocal advocate for a nationwide registry and
stronger licensing and education requirements for not just mortgage
brokers, but all mortgage originators," said Armbruster. "We also
believe that more consumer education helps protect consumers from
abusive and fraudulent lending practices."
NAMB has been working to raise awareness of fraudulent mortgage
lending practices for years. Recently, NAMB teamed up with the
Federal Bureau of Investigation (FBI) to fight mortgage fraud
online by adding a link to the Internet Fraud Complaint Center to
the NAMB Web site, www.namb.org.
For more information, visit the "Consumer Home Page" section
of the NAMB Web site at www.namb.org.
