Skip to main content

NAMB’s Andrews: We Need to Push for HR 3393

Phil Hall
Apr 11, 2016
The passage of HR 3393, The Mortgage Fairness Act, is the central focus of this year’s Legislative & Regulatory Conference in Washington, D.C., hosted by NAMB—The Association of Mortgage Professionals

The passage of HR 3393, The Mortgage Fairness Act, is the central focus of this year’s Legislative & Regulatory Conference in Washington, D.C., hosted by NAMB—The Association of Mortgage Professionals.

Speaking this morning before the conference, NAMB President Rocke Andrews (pictured right) urged this industry peers to advocate for the bill’s passage.

“This puts us on even footing with our banking partners and banking competitors,” said Andrews, who is also broker/owner at Tucson-based Lending Arizona LLC. “We have gone a long way over the last few years to get us to a real equal spot, and this will make us equal in the eyes of the consumer.”

According to the Congress.gov Web site, HR 3393 “amends the Truth-in-Lending Act to revise points and fees under a high-cost mortgage, which currently include all compensation paid directly or indirectly by a consumer or creditor to a mortgage originator from any source, including a mortgage originator that is also the creditor in a table-funded transaction.”

Introduced last July by Rep. Bill Posey (R-FL), the bill was referred to the House Financial Services Committee, but it has yet to be the subject of a hearing and a vote. Five Republican representatives have co-sponsored HR 3393, which currently does not have a Senate companion bill. NAMB was the first trade group to endorse the bill, giving it support one month after it was put forward.

Also speaking at the legislative conference was NAMB Vice President John Stevens, who urged mortgage brokers to show their support for NAMBPAC and its efforts to advocate in Washington on behalf of the industry.

“This is one of the most important things that we can do as an organization,” said Stevens, who is also vice president of business development for Mountain West Financial. “We have to make sure that we’re doing the most positive things that we can do in order to stay in business.”

Published
Apr 11, 2016
Mortgage Forbearance Changes Create Challenges for Servicers

65% Of All Plans Would Expire By The End of 2021

Regulation and Compliance
Aug 02, 2021
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021