Falk: Licensing Dream 'Almost a Reality'

The mortgage broker industry has long sought licensing of all originators, no matter who they work for, and "that dream is almost a reality," said Joe Falk, past president of the National Association of Mortgage Brokers. Mr. Falk, who is also past president of the Florida Association of Mortgage Brokers, was speaking at that group's annual convention in Kissimmee, Fla. He was referring to the housing bill being considered in conference committee by Congress. In his presentation, Mr. Falk also spoke of the Federal Reserve Board and its recently released "ground-breaking rulemaking" for the subprime industry, which for the first time contains a regulatory definition of a subprime loan. The Fed is now a source "of great activism," he said, and in coming months will be issuing new rules on Regulation Z. The NAMB can be found on the Web at http://www.namb.org.