FEDERAL LEGISLATION
Most of you realize that the use of YSP is in jeopardy for mortgage brokers. Mortgage brokers will be at a tremendous disadvantage as we will be prohibited from receiving it AT ALL. The rest of the industry will still receive YSP and not even show it on the GFE or HUD-1.
This is a chance to influence the language of the bill so that it will be more favorable to mortgage brokers. Please contact DFWAMB for more specifics.
National Federation of Mortgage Professionals Call to Action
Call Your Federal Legislators Today For Help on H.R. 3126, the Consumer Finance Protection Agency Act of 2009
This New Agency Could Effectively Eliminate the Mortgage Broker Origination Channel!
The Administration has proposed a Consumer Finance Protection Agency (CFPA), which targets mortgage brokers with regulations that will effectively eliminate this mortgage origination channel for consumers, limiting competition, increasing prices, and reducing service. Consumers will be forced to obtain mortgages directly from banks, which are not currently equally bound by disclosure requirements about compensation and fees.
H.R. 3126 has been introduced in the House of Representatives to create the new CFPA. While the legislative language does not specifically reference mortgage brokers, the broad authorities H.R. 3126 provides to the new agency could severely harm the mortgage broker origination channel if the Administration moves forward with its plans outlined in its White Paper.
Contact your federal representative today and ask them to vote 'NO' when considering H.R. 3126!
To find out how to contact your federal representative...
To view NFMP Talking Points...
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