NAMB Praises Senate Movement on National Registry
Feb 7, 2008
McLean, Va. – February 7, 2008 – The National Association of Mortgage Brokers (NAMB) today praised a bill introduced by Senators Diane Feinstein (D-CA) and Mel Martinez (R-FL) that would establish a national registry of all mortgage originators. The Association said that only an all-inclusive registry will give consumers access to the information they need about their mortgage professional in order to make sound financial decisions.
“We commend Senators Feinstein and Martinez on taking this step toward an all-inclusive registry that will empower consumers to make informed decisions about their financial futures,” said NAMB President George Hanzimanolis. “NAMB supports stronger licensing requirements for our industry, criminal background checks for all originators and increased protections for our consumers.”
The Association has long advocated for a national registry that applies to government-regulated banks, credit unions, mortgage bankers, lenders, brokers and all employees of those entities. Earlier this year, the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) announced that their registry system, which includes mortgage brokers but does not guarantee the inclusion of other originators, was being adopted for use in seven states.
“The CSBS/AARMR registry was a good start in terms of laying the groundwork for a more inclusive registry,” said Hanzimanolis. “Now that a comprehensive national registry has been introduced, we hope that other senators will join Senators Feinstein and Martinez to take up the banner of effective oversight and reform.”
NAMB looks forward to working with members of both houses of Congress, as well as the White House and federal regulators, to craft common sense mortgage reform that benefits both consumers and the mortgage industry.
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