The National Association of Mortgage Brokers (NAMB) praises both Congress for passing H.R. 3221, the “Housing and Economic Recovery Act of 2008,” and the President for signing it into law. NAMB believes this bill will provide necessary reforms to strengthen the housing finance system while assisting at-risk homeowners through the FHA program.

In addition, H.R. 3221 establishes a nationwide loan originator licensing and registration system that will set minimum standards for loan originator licensing. This section will help provide effective consumer safeguards by requiring background investigations, testing, and continuing education for all originators. Since 2002, NAMB has called for the licensure and registration of all mortgage originators. This section of the bill will help protect consumer’s financial information and rid all mortgage origination channels - banks, lenders, credit unions and mortgage brokers - of bad actors.

This entry was posted on Thursday, July 31st, 2008 at 10:37 am and is filed under Politics, Economy/Budget, The Administration .