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Find the Latest Legislation Information Here
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FEDERAL LEGISLATION
- A Calendar Toward Tragedy
Federal Legislation Last Updated: 6/18/2009
The following is a chronology of recent events regarding the proposed restrictive regulations on mortgage brokers with the National Association of Mortgage Brokers’ (NAMB) response. Even the most casual observer must pause and reflect the course of action or non-action taken.
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- The Red Flag Rule - by Connie Hearn
Federal Legislation Last Updated: 5/20/2009
Red Flag Rule
Many credit companies and attorney firms are offering prepackaged compliance programs so that the broker can meet the upcoming requirements of the Red Flag Rule designed to protect the consumer’s privacy and confidential information. I have heard that review of the Broker’s compliance and internal procedures will become part of the Broker’s audit.
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- Home Valuation Code of Conduct-By Connie Hearn
Federal Legislation Last Updated: 5/20/2009
As of May 1st, Brokers and their loan officers will not be able to order the appraisal or talk to the appraisers. If you are like me, I am already finding the lenders are ordering review appraisals more often and more often than not, the reviews are cutting values and hurting the loan process.
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- May 2009 Legislative Update
Federal Legislation Last Updated: 5/18/2009
Revisions to the disclosure requirements for mortgage loans under Regulation Z implement the Mortgage Disclosure Improvement Act (MDIA) that was signed into law last summer as part of the Housing and Economic Recovery Act.
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- July 08 RESPA
Federal Legislation Last Updated: 8/18/2008
This is a copy of the letter recently signed by 243 members of congress requesting a withdrawal of the HUD proposed rule of 2008.
Not signing from the Financial Services Committee, Reps. Bachus (R), Barney Frank (D), Maxine Waters (D), N. Velazquey (D), Mel Watt (D), and Brad Miller (D). National Association of Realtors along with the title industry and mortgage lending groups requested this to be signed. Notably absent is NAMB. Some have said NAMB wants HUD to publish the rule so they can sue. This seems dangerous and reckless.
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- Ney-Kanjorski Bill Is Much Tougher Than Original
Federal Legislation Last Updated: 4/25/2008
Ney-Kanjorski Bill Is Much Tougher Than Original Ney-Lucas Bill
The new Ney-Kanjorski 'Responsible Lending Act' contains much stronger consumer protections than H.R. 833, the original Ney-Lucas bill introduced in 2003. These enhancements, which reflect concerns raised in hearings and by Committee Members and consumer advocates, for example would:
Extend Special Protections to Far More Loans - The bill covers more loans by lowering the HOEPA 'points and fees' trigger from 7% (or 6% for smaller loans) to restrictions to loans for home purchases (not just refinances) and to open-end lines of credit and by counting prepayment penalties in the fee calculation if a refinancing involves a loan originally made by the same lender or an affiliate.
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- HUD's Proposed GFE
Federal Legislation Last Updated: 4/1/2008
On Monday, March 10, we received news that the Governor of New York is involved in a prostitution ring. On Tuesday, we have a seminar with FNMA where they have confirmed that more restrictive lending guidelines are in place and more are forthcoming. Wednesday sees the resignation of the New York Governor in disgrace. Friday brings rumors of more credit challenges with Bear Stearns needing action by the Federal Reserve in conjunction with J.P.Morgan to stave off a collapse and their stock drops almost 50%.
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- S2452 DFWAMB Position Paper
Federal Legislation Last Updated: 3/4/2008
Considerations and comments to S2452
“Home Owners Preservation and Protection Act 2007”
The bill refers to “All Originators” at times and then further refers to Mortgage Brokers. Specifically, it states that Mortgage Brokers have a “Fiduciary” relationship with the borrower. This vacillation from “all originators” to mortgage brokers needs to be eliminated. The term “all originators” needs to be exclusively used and defined as including any person or representative of any institution that makes or has any part in the origination of a residential mortgage loan. That certainly would include all financial institutions.
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- HUD Loses Attorney General
Federal Legislation Last Updated: 1/12/2007
Brian Gottfried has resigned, effective Nov 5, 2006 HUD's former Attorney General does not last a year. Sworn-in to the office on December 7, 2005 he resigns effective November 5, 2006. No replacement is in sight.
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- HUD Update
Federal Legislation Last Updated: 7/17/2006
SURPRISE! SURPRISE!
HUD is working on a new GFE and maybe a HUD-1. It appears the packaging proposal is DEAD and is 'deep sixed'. But how about a new GFE that would not have the yield spread premium required to be shown? Would you like that? Yeah, before 1992 there was no YSP. In 1974 we were all created equal but after 1992 we became unequal. Now a new era has begun as HUD.......
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- Key Legislative Positions
Federal Legislation Last Updated: 12/1/2005
DFWAMB supports initiatives that (i) increase competition; (ii) foster consumer choice; (iii) help to make credit available and affordable to all sectors of our society; (iv) inform consumers of the mortgage process; and (v) enhance product availability and diversity.
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- FHA Bond Requirements
Federal Legislation Last Updated: 12/1/2005
Presently, FHA requires mortgage brokers to submit annual financial audits to directly participate in the FHA program. DFWAMB believes annual bonding requirements off HUD a better way to ensure the safety and soundness of the FHA program than requiring originators to submit audited financial statements to HUD.
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- HR2660
Federal Legislation Last Updated: 12/1/2005
CALL YOUR U.S. REPRESENTATIVE REGARDING HR 2660
Oxley-Frank Bill Would Allow Banks To Sell Real Estate
National banks seeking to enter the real estate business got a political boost Thursday from House Financial Services Chairman Oxley and ranking member Barney Frank, D-Mass., who introduced legislation that would allow them to engage in real estate brokerage and management activities.
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- RESPA Radio
Federal Legislation Last Updated: 12/1/2005
On Thursday 9/29/2005 RespaNews went on the Radio and conducted an open air discussion of “where are we on the RESPA rule”.
This initiated out of Cleveland, Ohio having eight panelists and about 500 in the radio audience across the country. One of our own DFWAMB members submitted a question that was directed at the panel and discussed rather vigorously regarding legal action against HUD on the YSP.
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- Updated Information on HB1461 - GSE
Federal Legislation Last Updated: 12/1/2005
On Wednesday 10/19/2005 the House of Representatives approved HR1461 to create a new federal agency to oversee FNMA, FHLMC and Federal Home Loan Banks. This also probably includes Farmer Mac which also trades on the stock exchange. The bill carried by a vote of 331 to 90 which is 76% of the members and which is a resolute shout to the Senate and the Administration to “come aboard”.
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- Abusive Lending Practices
Federal Legislation Last Updated: 12/1/2005
DFWAMB POSITION
DFWAMB supports federal legislation that reduces the incidence of abusive lending practices and improves the overall competency of the mortgage origination industry.
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- Yield Spread Premiums
Federal Legislation Last Updated: 12/1/2005
DFWAMB Position
DFWAMB supports federal legislation that reduces the incidence of abusive lending practices and improves the overall competency of the mortgage origination industry. DFWAMB applauds the bi-partisan effort of the new Responsible Lending Act of 2005 (H.R. 1295) as a step in the right directions.
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- Freddie Mac and Fannie Mae
Federal Legislation Last Updated: 12/1/2005
DFWAMB believes in a strong reglatory structure to protect the safety and soundess of the housing government Sponsored Enterprises (GSEs), but is concerned that certain elements of reform legislation might unduly affect housing affordability, innovation and market perception.
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STATE LEGISLATION
- Texas Senate Bill 1167
State Legislation Last Updated: 5/20/2009
Texas Senate Bill 1167
Members of DFWAMB recently attended a committee hearing chaired by Sen. Royce West who has but forth a bill that basically pushes the broker into a fiduciary relationship with the borrower. It includes the responsibility of the loan originator to provide the borrower with a good faith estimate for every product the borrower qualifies for and any loan that might cost the borrower less.
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- TSML Advisory Committee - by Connie Hearn
State Legislation Last Updated: 5/20/2009
Commissioner Foster recently reported that there is effort being made by the Texas Savings and Mortgage Lending department to convince the NMLS to count the core education classes previously taken by currently licensed Brokers toward the 20 hours of pre-licensing education required by the SAFE Act.
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- Texas House Bills 10 and 2274 update
State Legislation Last Updated: 5/20/2009
Texas House Bills 10 and 2274 update
HB 10 is the revision of the Mortgage Broker Licensing bill designed to bring the Texas mortgage industry into compliance with the Federal SAFE Act passed last year.
HB 2274 is the companion bill that amends the Finance Code to authorize the TSML Commissioner to participate in the NMLS and update the Mortgage Broker Licensing Act to accommodate the requirements of the SAFE Act.
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- HB 692 - Second Lien along with First Lien
State Legislation Last Updated: 5/10/2007
This HB 692 gives the mortgage broker and loan officer the right to originate a second lien along with their first lien. All licensing, examination and enforcement of the laws will rest with the authority of the Savings and Mortgage Lending Department. This will benefit the consumer as well as the originator to better create a loan to service the needs of the borrower. All adherence of the law will be in a vertical line from the SML department to the broker to the loan officer and the borrower. This really is a move toward efficient government working with industry creating a better marketplace. Please review the wording of the actual bill.
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- HB 3762 - Suitability of Mortgages
State Legislation Last Updated: 4/15/2007
Places on the originator the obligation of determining if the borrower’s circumstances in general fit the mortgage. A mortgage broker must evaluate other reliable, objective evidence of affordability and ability to repay. These obligations place and unreasonable burden on the originator not found in any other industry.
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- HB 1716 - Insurance Agent Licensing
State Legislation Last Updated: 4/15/2007
This is an exception for Insurance agents to have their own requirements for licensing under Savings and Mortgage Lending department. This has already been passed by the Financial Institutions committee. It has little opposition on the floor of the House.
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- HB 716 - Fraud: Providing criminal penalties
State Legislation Last Updated: 3/21/2007
This bill is designed to give prison time to persons intentionally or knowlingly making a materially false or misleading written statement to obtain property or credit. Punishable of imprisonment for a term of 2 to 99 years and fine not
to exceed $10,000.
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- Fraudulent Home Mortgage Activity in North Texas
State Legislation Last Updated: 12/30/2005
It has come to our attention from various means that there are fraudulent mortgage operators in the north Texas and Houston areas. Many of them could be linked together as an organized effort, some may be independent. This Dallas Morning News article depicts activity in the Dallas area very well. The Savings and Mortgage Lending Commissioner is aware of the activity and has revoked several licenses in this area.
Professional brokers should be on the alert that consumers, realtors, appraisers, title companies and mortgage brokers could be potential participants. Read this article and educate yourself so you can detect fraudulent practices and notify the authorities of your suspicions.
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- Legislation Update by Jim Pledger
State Legislation Last Updated: 12/1/2005
Legislative and Regulatory Report
End of Session Update
James L. Pledger
May 31, 2005
S.B. 1141 – DFWAMB’s Second Lien Licensing Bill.
DFWAMB’s second lien licensing bill, S.B. 1141, by Senator John Carona (R-Dallas), would shift the regulatory responsibility for second lien lending by mortgage brokers from the Office of Consumer Credit Commissioner (OCCC) to the Savings and Loan Department. Because of the issues raised by Commissioner Pettijohn, S.B. 1141 was not scheduled for a committee hearing and the bill died. DFWAMB’s efforts to pursue this issue during the interim for consideration and adoption in the next session will begin immediately with Senator Carona’s office.
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