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.