NAMB announces policy agenda for 2008MortgagePress.comabusive lending practices, mortgage reform, financial literacy for consumers
Mortgage reform, consumer protection and FHA loans on
top list of key issues
The National Association of Mortgage
Brokers has unveiled its policy agenda for the year, revealing
a plan that targets abusive lending practices, addresses the need
for mortgage reform and continues NAMB's commitment to financial
literacy for consumers.
"2007 was a difficult year for many Americans," said NAMB
President George Hanzimanolis, CRMS. "We saw some of the nation's
largest lenders close their doors and cease operation, and we saw a
record number of homes go into foreclosure. Clearly, something must
be done to better protect consumers and ensure that these
protections are real and not illusory. [NAMB's] 2008 policy
positions are crafted to protect consumers, improve loan
disclosures and ensure that all mortgage originators meet the same
high standards of education and professional ethics."
The four-page policy agenda covers a range of issues including
mortgage reform, Real Estate Settlement and Procedures Act and
affiliated business arrangements reform, Federal Housing
Administration and government-sponsored enterprise reform,
bankruptcy reform, homeowners insurance reform, Federal Reserve
Board Home Ownership and Equity Protection Act, Veterans Affairs
reverse mortgages, and consumer privacy and data security.
Three major new policy positions for 2008 are:
•NAMB calls for an independent, government-sponsored
study/investigation of consumer disclosures that may be
contributing to or enabling deceptive sales and marketing practices
in the mortgage industry. The study should focus on whether there
are disparities in current or proposed consumer disclosure
requirements that could confuse or increase costs to
consumers;
•NAMB will promote efforts that ensure direct and/or
indirect compensation received by any originator, regardless of
distribution channel, is treated equally and in similar fashion to
avoid competitive inequities and consumer confusion; and
•NAMB supports the establishment of a nationwide registry
which mandates the inclusion of all loan originators to provide
tracking control and strengthen the industry and consumer
protection. NAMB also supports the establishment of professional
standards for all mortgage originators that will mandate minimum
pre-employment and continuing education, testing and complete
criminal background checks.
A copy of the complete NAMB 2008 policy agenda can found online
at www.namb.org.
"This industry has many parts, and given the current crisis, we
must each do our part to correct mistakes and offer solutions,"
Hanzimanolis said. "NAMB's 2008 policy agenda reflects our
commitment to protecting consumers and restoring faith in the
strength of homeownership."
For more information, visit www.namb.org.
