NAMB praises Senate movement on national registryMortgagePress.comSen. Dianne Feinstein, Sen. Mel Martinez, CSBS, AARMR
Bill would create registry that includes all
originators
The National Association of Mortgage
Brokers praised a bill introduced by Sen. Dianne Feinstein and
Sen. Mel Martinez that would establish a national registry of all
mortgage originators. NAMB said that only an all-inclusive registry
will give consumers access to the information they need about their
mortgage professional in order to make sound financial
decisions.
"We commend Feinstein and Martinez on taking this step toward an
all-inclusive registry that will empower consumers to make informed
decisions about their financial futures," said NAMB President
George Hanzimanolis, CRMS. "NAMB supports stronger licensing
requirements for our industry, criminal background checks for all
originators and increased protections for our consumers."
NAMB has long advocated for a national registry that applies to
government-regulated banks, credit unions, mortgage bankers,
lenders, brokers and all employees of those entities. Earlier this
year, the Conference of State Bank
Supervisors (CSBS) and the American Association of Residential
Mortgage Regulators (AARMR) announced that their registry
system, which includes Mortgage Brokers but does not guarantee the
inclusion of other originators, was being adopted for use in seven
states.
"The CSBS/AARMR registry was a good start in terms of laying the
groundwork for a more inclusive registry," said Hanzimanolis. "Now
that a comprehensive national registry has been introduced, we hope
that other senators will join Feinstein and Martinez to take up the
banner of effective oversight and reform."
NAMB looks forward to working with members of Congress, White
House officials and federal regulators to craft common sense
mortgage reform that benefits both consumers and the mortgage
industry.
For more information, visit www.namb.org.
