NAMB supports mortgage originator registry
NAMB supports mortgage originator registry MortgagePress.comCSBS, FTC, HUD, mortgage originators, brokers "We stand at a crossroads for accountability and brokers are ready to lead the way." -NAMB 2006-2007 President Harry Dinham, CMC The National Association of Mortgage Brokers supports the creation of a national registry such as the Conference of State Bank Supervisors (CSBS) has proposed, provided: -It is governed by a federal agency such as the Federal Trade Commission, the Federal Reserve Board or the U.S. Department of Urban Housing and Development--CSBS is merely a private association. -The federal government would require every individual mortgage originator, including loan officers at banks, lenders and brokerages, to be in the system. This includes mortgage originators at federally and state chartered banks and lenders, credit unions and mortgage brokers including their loan officers. -Everyone would pay a fee to be in the registry. This fee would then be used to: a) Cover operational costs for the registry; b) Create funds earmarked for additional state enforcement of mortgage laws; and c) Assist ongoing consumer financial literacy programs. If a mortgage originator is found guilty of bad behavior, he would be kicked out of the industry permanently. This registry would stop bad actors from moving within the mortgage community throughout the country. "Without a focus on individual accountability, we can never truly have consumer protection. Individuals harm consumers not companies," said Dinham. "The purpose of this registry is to establish a consequence for bad actions. Mortgage originators must have something to lose if they act unethically." For more information, visit www.namb.org.