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Mortgage Cadence to release reverse mortgage POS

National Mortgage Professional
Nov 20, 2007

NAMB calls House passage of HR 3915 a victory for consumers and small business: Warns Title III provisions will harm consumersMortgagePress.comHR 3915, NAMB, YSP, HFSC, Barney Frank, Mortgage Reform and Anti-Predatory Lending Act of 2007 The National Association of Mortgage Brokers has applauded the House of Representatives for passing HR 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007 by a vote of 291-127 and lauded the preservation of mortgage originator compensation through the yield spread premium (YSP) as a victory for borrowers and small businesses. The yield spread premium is a legal payment paid by a lender to a Mortgage Broker and it is an integral tool used by Mortgage Brokers to offer borrowers flexibility in the amount of cash they will need in order to close on a home loan, said NAMB President George Hanzimanolis. We thank House Financial Services Committee Chairman Barney Frank and Rep. Gary Miller for working in earnest to ensure that Mortgage Brokers can remain competitive in the mortgage marketplace. Hanzimanolis also thanked Reps. Frank and Miller for their assistance in ensuring that consumers will continue to be able to have the option of obtaining zero-point or no-cost loans from Mortgage Brokers and lenders. Chairman Frank and I worked closely together to reach consensus on subprime lending reform, stated Rep. Spencer Bachus, Ranking Member of the House Financial Services Committee. Our efforts resulted in a bill that will achieve two very important goals: Implementing reforms that will help protect consumers from predatory lending practices, and preserving working Americans access to consumer credit. HR 3915 includes the creation of a national registry of all loan originators regardless of where they work in the mortgage industry. It also establishes strict national standards for all mortgage originators that include criminal background checks, fingerprinting, continuing education and testing. Although the bill does not require loan officers of federal depository institutions and their affiliates to comply with these enhanced professional standards, it does recognize that all originators, whether they work for a bank, lender or Mortgage Broker, must also be part of the national registry. While NAMB has always recognized the burden that it will place on small Mortgage Brokers, it has supported and recommended this provision from the beginning. NAMB believes the national registry of all originators will be effective protection for consumers against bad actors in this industry, Hanzimanolis said. Its all-inclusive national scope means mortgage originators who break the law cannot move from state to state or company to company without being detected. We commend Chairman Frank and Rep. Bachus, the Ranking Member of the Committee, for including all mortgage originators. However, NAMB continues to have concerns over Title III in HR 3915. Particularly troubling to NAMB is the lowering of the points and fees trigger for high-cost loans under the Home Ownership and Equity Protection Act (HOEPA) from eight percent to five percent, and the inclusion of all costs and fees charged to the borrower. This measure would adversely affect many people by making it impossible to obtain mortgage financing. NAMB will continue to work with policymakers on this issue. For more information, visit
Nov 20, 2007
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