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NAMB–The Association of Mortgage Professionals has expressed concerns regarding HR 2121, The Transitional Licensing Act of 2015, as it will be considered Monday, May 23 under Suspension Calendar and requires a two-thirds majority vote to pass the House of Representatives.
HR 2121 would allow unlicensed, federally-registered loan originators to have a 120-day temporary license where they would be allowed to originate loans prior to completing the requirements currently established in the Secure and Fair Enforcement of Mortgage Licensing (SAFE) Act. NAMB believes state law and regulations are in place for consumer protection and should not be by-passed by those not properly educated and tested. HR 2121 and any Senate companion bill will dilute all states' rights to protect consumers.
“One of the touchstones of the Dodd-Frank Act was to permit states to go beyond federal law to protect consumers in their state," said NAMB Government Affairs Chair Valerie Saunders. "HR 2121 completely nullifies state consumer protections."
NAMB asks its membership to reach out to their elecetd officials in the House of Representatives and encourage them to "Vote No" when HR 2121 comes up for consideration.Your involvement is paramount to prevent the SAFE Act from being further diluted. Click here to take action and tweet your elected officials now.
“In 2012, the CFPB stated that its regulations do not allow states to provide for transitional licensing for registered, but unlicensed, loan originators who leave banks to act as loan originators while pursuing a state license," said Rocke Andrews, president of NAMB. "In addition, CSBS remains neutral on a bill they should have a solid opinion on. This destroys state consumer protections by cramming down a licensing construct that states have demonstrated they don’t want."