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Silver Hill now finances gas stations, named one of "Best Places to Work" in 2007

National Mortgage Professional
Apr 26, 2007

State regulators press on with flawed registration systemMortgagepress.comprotect consumers, flawed, public policy concern, false sense of security National licensing initiative must include all mortgage originators to succeed Mortgage regulators at 29 state agencies announced their support for a nationwide licensing and registration system that the National Association of Mortgage Brokers says is too narrowly focused to effectively protect consumers. NAMB President Harry Dinham, CMC said the initiative, sponsored by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR), is seriously flawed because it intentionally exempts more than 60 percent of mortgage originators from the proposed registry system. Dinham said that this is a public policy concern because the largest and most recent fines and settlements for abusive lending practices have involved lenders and banks (i.e., Ameriquest's $325 million dollar settlement in 2006 and Household and Beneficial Finance's $484 million dollar settlement in 2003). "If the goal of this registry is to protect consumers by standardizing license requirements and tracking bad behavior, then it should apply to all mortgage originators," said Dinham. "As it stands today, thousands of loan originators who work at banks and other financial institutions would not be required to register. This approach puts consumers at risk." Dinham added, "This flawed system will create a false sense of security for consumers and government agencies because many bad actors will continue to be able to move freely from bank to lender and back again without fear of being detected by the proposed registry." For example, a bad actor at a bank can be fired for unethical practices and then go work for another bank as a mortgage originator without any record of his actions. "We support stronger licensing requirements for the industry, background checks for all originators and increased protections for our customers," said Dinham. "This registry falls short of accomplishing these goals. It is disappointing that the regulatory agencies continue to exempt many in our industry from meeting the requirements advanced by CSBS and AARMR." He said that NAMB has long advocated a national licensing standard that is evenly applied to government-regulated banks, credit unions, mortgage bankers, lenders, brokers and all employees of these entities. For more information, visit
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