On July 30th, 2008, the President signed the Housing and Economic Recovery Act of 2008 (H.R. 3221) into law to stabilize the housing market and help alleviate the financial crisis. Title V of the Act, the Secure and Fair Enforcement (S.A.F.E.) for Mortgage Licensing Act of 2008, is specific to the registration and education of mortgage loan originators across the country to aid with consumer protection and fraud reduction.
The S.A.F.E. Mortgage Licensing Act mandates that all loan originators be licensed through the Nationwide Mortgage Licensing System and Registry (NMLS) and establishes uniform minimum national standards for testing and both pre-licensing and continuing education.
23Mar2009 | admin | 0 comments | Continued
There is more good news on the housing and economic front, according to recently released data from Standard and Poor’s and Experian. The S&P/Experian Consumer Credit Default Indices show that the rates of defaults fell in three of the four measured categories. This “comprehensive measure of changes in consumer credit defaults”[1] revealed that defaults on [...]
It seems that following developments in the mortgage and housing industries is like riding an old wooden rollercoaster. There are dramatic spikes followed by steep climbs, and just when you think the ride is over, the structure creaks and the car lurches forward for another lap. Midway through the last week of June, the news [...]
In a planned effort to lessen the federal government’s role in the mortgage market, maximum loan limits are scheduled to decrease as of October 1, 2011. Currently, the maximum loan amount that will carry federal backing (Fannie Mae, Freddie Mac and FHA) is $729,750. If the October 1 plan moves forward as scheduled, the new, [...]
With the news this week that Wells Fargo has joined Bank of America in exiting the reverse mortgage business, the two largest lenders of that particular product are now gone. Bank of America, the second largest lender, announced in February that it would discontinue offering reverse mortgages. Together the two lenders owned approximately 43% of [...]
On Monday, June 20, 2011, the Department of Housing and Urban Development (HUD) launched a program designed to provide no-interest loans of up to $50,000, for a period of up to two years, to distressed/delinquent borrowers. The Emergency Homeowners’ Loan Program (EHLP) is funded in the sum of $1 billion provided under provisions of the [...]
Over the past few weeks, hints at a recovery in the housing market have been scrolled across daily newspapers and nightly newscasts. The restrained optimism has been just that as industry professionals and politicians alike do not wish to be premature on calling for a victory parade. The message has remained the same: “We are [...]
Two articles published today in the Washington Post (online edition) tell the tale of increased housing starts and decreased foreclosures. These articles, “Housing Starts in U.S. Increased More Than Forecast in May” and “Foreclosures Plunge as Process Delays Mask Rising Bank Inventory,” point out the positive marks the housing market has hit. However, these gains [...]
As of June 16, 2011, license deficiencies will be placed on any state-licensed mortgage company that has failed to submit a Mortgage Call Report (MCR) for the first quarter of 2011 (Q1).
As per the requirements of the federal S.A.F.E. Act, state mortgage licensees are required to submit a report of condition to the NMLS. The [...]
It could be said that over the past few years the housing market in the United States has hit a bit of a rough patch. Home prices are down, sales numbers have dipped, construction has, for the most part, stagnated, and there is fear of a double-dip crisis. If all that were not enough, it [...]
On June 13, 2011, the NMLS made available for download on its website the 2010 Annual Report. The Report was initially published on April 15, 2010 but is now available to the general public.
Throughout its 34 plus pages, the Report lists milestones for 2010, gives history and background on the NMLS, highlights operating achievements for [...]
