Skip to main content

No Red Tape diversifies its product line

National Mortgage Professional
Sep 08, 2005

Congress hears testimony on abusive lendingMortgagePress.comAbusive Lending Practices,HR 1295,Ney-Kanjorski Responsible Lending Act On May 24, the House Subcommittee on Financial Institutions and Consumer Credit and the Subcommittee on Housing and Community Opportunity held a joint hearing on “Legislative Solutions to Abusive Mortgage Lending Practices,” which addressed HR 1295, also known as the Ney-Kanjorski Responsible Lending Act. HR 1295 proposes a uniform national standard, addressing concerns with predatory lending in residential mortgage lending. Testifying at the hearing were representatives from 10 different community and trade organizations. Panel members advocated a wide range of solutions to predatory lending, including creating a strong national regulator to monitor the mortgage lending market and preemption of some or all state mortgage lending laws. Many panel members also expressed a desire to offer consumers better education programs. The National Association of Mortgage Brokers, which has been very vocal in its support for a nationwide registry and stronger licensing and education requirements for all mortgage originators, sent President Jim Nabors, CRMS on its behalf. “NAMB supports efforts to expose and combat abusive lending tactics, provided that these efforts do not inadvertently diminish consumer access to affordable credit or inhibit the ability of mortgage finance professionals to work closely with consumers throughout the home buying process,” said Nabors. The congressional members in attendance at the hearing uniformly agreed on the need to end predatory lending and to create better consumer protections in the residential mortgage lending arena. While many of the congressmen and women disagreed as to the extent that state laws should be preempted, they all advocated stronger federal regulation. Nabors stated, “Mortgage lending has become largely a nationwide industry, with a number of lenders operating in all 50 states. It is incredibly burdensome and confusing to brokers and lenders to comply with 50 different state and local lending restrictions.” The Ney-Kanjorski bill is intended to provide more consumer protection against high-cost mortgages by tightening the current HOEPA provisions in the Truth in Lending Act, improving mortgage servicing responsiveness, tightening appraisal requirements and establishing minimum standards for mortgage brokers. For a copy of HR 1295, visit www.house.gov.
Published
Sep 08, 2005
Biden Nominates McCargo To Lead Ginnie Mae

Currently Serves As Senior Advisor For Housing Finance At HUD

Regulation and Compliance
Sep 14, 2021
OCC Plans To Rescind 2020 CRA Rule

The OCC formally issued a proposal to rescind a controversial rule within the Community Reinvestment Act (CRA) that was published in June 2020.

Regulation and Compliance
Sep 10, 2021
Flexibilities Move Forward

Pandemic Priorities Continue To Drive Industry Modernization

Regulation and Compliance
Sep 08, 2021
FHFA And The Enterprises Coordinate Action On Equitable Housing

Today the FHFA is announcing that Fannie Mae and Freddie Mac (the Enterprises) will submit Equitable Housing Finance Plans to the FHFA by the end of 2021.

Regulation and Compliance
Sep 08, 2021
Realtors Encouraged By Biden Plan to Expand Housing Supply

Administration Said Wednesday It Plans To Add 100,000 Affordable Homes In 3 Years

Regulation and Compliance
Sep 03, 2021
Biden Administration Announces Plan For Affordable Housing

President Biden and his administration firmly believe it is time to intervene in the housing market.

Regulation and Compliance
Sep 01, 2021