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Posts Tagged ‘bank mortgage’

Regulation would Standardize Loan Originator Training

July 24th, 2012 Comments off

According to OriginationNews, the Consumer Financial Protection Bureau (CFPB) wants to standardize training so all loan originators meet the same requirements for fitness, character, and financial responsibility. The new standards would erase some of the differences between bank loan originators and state-licensed LOs created by Congress’ passage of the SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) in 2008, now under the jurisdiction of the CFPB. (As MHProNews knows, the SAFE Act prevents those involved in the manufactured housing industry who are not licensed mortgage brokers from discussing financing of MH with a customer.) Banks typically have their own training program for LOs, which are often more stringent than state licensing and testing. Standardizing the training would allow bank mortgage lenders to easily move over to a state-licensed mortgage broker. Agency officials want to finalize the new professional standards by the end of January 2013.

(Image credit: Foreclosure Listings)

More Regulation for MH Lenders

February 14th, 2012 Comments off

MHProNews.com has learned from Jason Boehlert, vice president of government relations at the Manufactured Housing Institute (MHI), On February 7, the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) released final rules extending anti-money laundering (AML) and suspicious activity report (SAR) requirements to non-bank residential mortgage lenders and originators. Non-bank mortgage lenders will now be forced to assist law enforcement agencies with fraud detection just as larger financial institutions are required to do. Treasury began developing the rule in 2009. It will go into affect 60 days after publication in the Federal Register, and compliance will be mandatory within 180 days of publication. Under the requirements, all non-bank lenders—including any entity making personal property loans for the purchase of manufactured housing (i.e., community owners that are engaging in lending activity and non-bank manufactured home lenders)—will have to, among other requirements, establish AML programs, designate a compliance officer, and develop training programs. The regulations cover any residential mortgage lender, residential mortgage originator and loan or finance company (see pages 37-38 of rules for definition of terms and page 15 for commentary of those covered).To help interpret the requirements of the new rule, the law firm Ballard-Sparh will be hosting an open webinar (at no cost) on Thursday, February 16 at 12:00 pm (Eastern Time). To register for the webinar, visit the Ballard-Spahr website at http://www.ballardspahr.com/eventsnews/events/2012-02-16_urgent_action_needed.aspx. For more information, go to http://www.fincen.gov/news_room/nr/html/20120206.html or contact MHI Vice President of Government Relations Jason Boehlert at 703.558.0660 or jboehlert@mfghome.org.

(Graphic credit: Manufactured Housing Institute)