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A Capitol Win; Mortgage brokers are among the prime beneficiaries of the housing bill, finally getting a national licensing and registry system.
Publication:
Broker Magazine
Publication Date: 01-OCT-08 |
Format: Online
Delivery: Immediate Online Access |
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Article Excerpt
Byline: Brian Collins
Mortgage brokers carefully monitored and influenced the landmark housing bill that Congress passed to shore up Fannie Mae and Freddie Mac and modernize the Federal Housing Administration mortgage insurance programs.
The bill, commonly referred to as H.R. 3221, permanently increases the conforming and FHA loans limits up to $625,000 in high-cost areas. It creates a national registry for all loan originators and sets minimum standards for state licensing of mortgage bankers and brokers.
"Increasing the loan limit, that is good thing. It needed to be done," said Bill Howe, vice president of the National Association of Mortgage Brokers.
NAMB views the new registry and licensing system that will be implemented over the next two years as a major achievement. Every broker and loan officer will have a unique identifier and every brokerage firm or...
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