The FAMB Focus

Government Affairs Update by Thomas Morcom, FAMB GA Chair

Florida Association of Mortgage Brokers has partnered with the National Federation of Mortgage Professionals (NFMP) to expand participation in the Federal Legislative and Regulatory process

H.R. 3126, the Consumer Finance Protection Agency Act of 2009

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 published plans.

National Federation of Mortgage Professionals Call to Action

Contact your US House of Representative member and ask them to co-sponsor HR 3044 to stop the Home Valuation Code of Conduct (HVCC)

Lenders may only accept appraisal reports from a pre-approved list of appraisers or unregulated Appraisal Management Companies. This new requirement, called the Home Valuation Code of Conduct (HVCC), is bad for consumers and the consumer is best served if this legislation is stopped.

HVCC Results in Poor Quality Appraisals and Increases Costs for Consumers

HVCC Is Not an Effective Way to Prohibit Inflated Appraisals

State Issues

Reminder, Florida's individual mortgage license renewal is due in August 2009. All Mortgage Brokers must renew electronically through the REAL System.

JOIN FAMB TODAY AND AID IN THE FIGHT TO KEEP YOUR CREDIT REPORT CONFIDENTIAL!

Did you know... it is the policy of the state of Florida that all state, county, and municipal records are open for personal inspection and copying by any person?

Did you know... starting on October 1, 2010, all licensed mortgage brokers, in-house processors, in-house underwriters and wholesale account executives employed by a state-licensed mortgage lender must begin the process of obtaining the new Florida loan originator license?

Did you know... starting on October 1, 2010, as a requirement to obtain the new Florida loan originator license, your credit report must be pulled in order to determine financial character?

Did you know... your credit report will be considered a state record and available for public viewing unless a public records exemption bill is passed in the 2010 legislative session AND signed by Governor Charlie Crist into law?

Join Florida Association of Mortgage Brokers - If you are not a member of the Florida Association of Mortgage Brokers shouldn't you join and make sure FAMB continues to work for you in Tallahassee and Washington?

Contribute to the Florida Association of Mortgage Brokers PAC - If you are already a member of the Florida Association of Mortgage Brokers shouldn't you contribute to the association's PAC and make sure FAMB continues to work for you in Tallahassee and Washington?