The National Association of Mortgage Brokers wants the federal government to establish a national registry for all mortgage originators that could also provide a funding source for financial literacy programs and state enforcement of mortgage laws.NAMB opposes a registry that the Conference of State Bank Supervisors and American Association of Residential Mortgage Regulators is slated to launch in January because it only covers state-licensed mortgage lenders and brokers. NAMB executive vice president Roy DeLoach said a registry needs to cover all originators, including loan officers at federally chartered or insured banks and thrifts. The CSBS/AARMR registry does not prevent a bad actor from going from bank to bank, he said. "If you don't plug all the holes up it is really a waste of money. And it gives all the people who use it a false of security," noted Mr. DeLoach. The federal agency running the national registry could also serve as a clearinghouse for consumer complaints and direct them to the appropriate regulator. "We took the CSBS model and improved upon it," Mr. DeLoach said.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25