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kimsdeals
54 Posts |
 Posted - 10/31/2007 : 2:14:14 PM
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**** Below is a copy of the e-mail NAMB sent out this afternoon ****
Mortgage brokers are being singled out unfairly - please act! If you want a copy of the attachments, e-mail me at: kimberlyfl@earthlink.net
My best, Kim
From: NAMB Government Affairs [mailto:nambmail@namb.org]
Sent: Wednesday, October 31, 2007 3:05 PM
To: Beddard, Kimberly (First Franklin)
Subject: NAMB Teleconference to Discuss H.R. 3915
To: All NAMB Members
From: Denise Leonard, NAMB Government Affairs Chair
RE: National Teleconference to Discuss H.R. 3915 the "Mortgage Reform and Anti-Predatory Lending Act of 2007"
Mortgage brokers are facing extinction. The U.S. House of Representatives is considering a bill that will fundamentally change the way we are paid, outlaw YSP, and legislate underwriting guidelines into law. Additionally, we fear that all subprime lending will cease to exist due to excessive lender liability. It is important that you read this memo.
We are calling upon our members to respond as never before. To save our industry, we are asking you to learn about this threat and then contact your congressman.
TIME IS CRITICAL. The bill became public last week. The U.S. House of Representatives Financial Services Committee will vote next week.
LEARN. Step 1: We have scheduled two information teleconferences. Please choose ONE of the two. The first is scheduled for Thursday, November 1st at 1:00pm EST (12:00pm CST, 11:00am MST, 10:00am PST), and the second is scheduled for Friday, November 2nd at 7:00pm EST (6:00pm CST, 5:00pm MST, 4:00pm PST). These are free calls.
Call in Number:
THURSDAY: 1-877-238-4697 Pass code: 453723.
FRIDAY: 1-800-214-0745 Pass code: 648439.
There will be 500 lines for each of the calls. Please call in early to guarantee a spot. You will be placed on hold with music until the moderator begins the teleconference.
RESPOND. We have prepared sample letters for your use in writing to or calling your congressman. These will be sent to our entire membership on Friday. Important warning: The vote is now scheduled for Tuesday, November 6. Please respond before next Tuesday.
More information is contained below. However, please call in to our conferences and respond so that we can preserve the way we do business and the subprime mortgage market.
______________________________________________________________________
Commentary: We urge you to read the balance of this memo and the attached information before you listen to our teleconference.
On Monday, October 22, 2007, House Financial Services Committee Chairman Barney Frank (D-MA), along with Representatives Miller (D-NC) and Watt (D-NC), introduced H.R. 3915, the "Mortgage Reform and Anti-Predatory Lending Act of 2007." Below you will find the full H.R. 3915 bill, a section by section summary, the NAMB Press Release, and NAMB’s Testimony presented before the HFSC.
The bill contains three sections. Title 1 will create a federal duty of care and outlaw steering. The anti-steering language will outlaw incentive compensation and YSP that varies with the terms of a loan. The section will allow indirect compensation if disclosed early in the process. This section also creates a minimum licensing standard for all originators and net worth or bond requirements of $100,000.
Title 2 creates an ability to repay standard and hardwires underwriting guidelines. Underwriting will include a verified ability to repay and take into account amortizing payments. Guidelines will also include taxes and insurance payments when calculating ratios. For refinancing, the act will define and require a net tangible benefit. For prime loans, there is a safe harbor. However, for subprime there is assignee liability and expanded rescission rights. Standards will also create a defense to foreclosure. Severe restrictions will be placed upon first-time homebuyer mortgages with negative amortiz |
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kimsdeals
54 Posts |
Posted - 10/31/2007 : 7:59:05 PM
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bump.
Two other posters have brought this same topic up since my original post earlier. Folks need to keep this on radar screen....
Again, if anyone wants to get the attachments referenced by NAMB, e-mail me at: kimberlyfl@earthlink.net
Happy Halloweeney! |
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azbroker
2613 Posts |
Posted - 10/31/2007 : 9:25:21 PM
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| bump |
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Nevada LO
315 Posts |
Posted - 10/31/2007 : 10:17:19 PM
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| To the top. I will be signing and circulating the petition around my office tomorrow morning. |
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azbroker
2613 Posts |
Posted - 11/01/2007 : 12:35:32 AM
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Phoenix Valley LO's. This is how you email our US REP.
http://mitchell.house.gov/contact/
Go to www.house.gov for the rest of the country |
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Donald1955
6067 Posts |
Posted - 11/11/2007 : 08:53:37 AM
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| Thanks! |
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kimsdeals
54 Posts |
Posted - 11/27/2007 : 09:32:17 AM
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QUICK UPDATE JUST FYI... A CLIENT JUST RECEIVED THIS LETTER FROM CONGRESSMAN MICA:
November 27, 2007
Thank you for contacting me regarding HR 3915, the Mortgage Reform and Anti-Predatory Lending Act. It was good to hear from you and I appreciate the opportunity to respond.
While this measure has good intentions to address the troubled mortgage industry, please know that I share your concerns. I am supportive of its efforts to protect homeowners through a simplified disclosure to borrowers, a greater focus on unfair and deceptive lending practices, and enhanced education, training, and oversight of loan originators.
However, I could not support this measure because of provisions that restrict access to credit for potential homebuyers and reduce re-financing opportunities for current homeowners. I also had concerns with provisions that could constrict the primary and secondary markets for mortgage finance, such as the bill’s specific underwriting standards, assignee liability provisions, and the subjective obligations for mortgage originators. Moreover, these provisions could lead to greater uncertainty and increased litigation, which could cause an undesirable reduction in mortgage credit and a drop in future homeownership.
Please know that I remain committed to bringing reform to the mortgage industry and will continue to focus on the housing needs of American citizens. I am hopeful that this measure will be improved during its consideration in the Senate. Since coming to Congress, securing adequate funding for HUD and providing assistance and affordable housing for first-time home buyers, low-income renters and seniors has been some of my top priorities. As Congress works to finalize this legislation, it is my intention to work for enactment of a measure that will stem bureaucracy, expand homeownership opportunities, and strengthen our nation’s real estate markets.
Thank you again for taking the time to share your concerns with me.
With my regards and best wishes, I remain
Sincerely,
John L. Mica
Member of Congress
<'http://www.house.gov/mica/footer.htm'>
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