PRESS RELEASE
Posted on: June 11, 2007

Contact:
Jodi Greenblatt
(703) 342-5842

NAMB Statement Regarding a National Registry for Mortgage Originators
"We stand at a crossroads for accountability and brokers are ready to lead the way."

NAMB President Harry Dinham

May 31, 2007

A National Registry for All Originators:

NAMB supports the creation of a national registry such as the Conference of State Bank Supervisors has proposed provided...

1. It is governed by a federal agency such as the FTC, the Federal Reserve Board or HUD. CSBS is merely a private association.

2. The federal government would require every individual mortgage originator, including loan officers at banks, lenders and brokerages, to be in the system. This includes mortgage originators at federally and state chartered banks and lenders, credit unions and mortgage brokers including their loan officers.

3. Everyone would pay a fee to be in the registry. This fee would then be used to:

a. Cover operational costs for the registry
b. Create funds earmarked for additional state enforcement of mortgage laws
c. Assist ongoing consumer financial literacy programs

Hold Individuals Accountable for Their Behavior:

If a mortgage originator is found guilty of bad behavior, he or she would be kicked out of the industry permanently.

This registry would stop bad actors from moving within the mortgage community throughout the country.

"Without a focus on individual accountability, we can never truly have consumer protection. Individuals harm consumers not companies," said Dinham. "The purpose of this registry is to establish a consequence for bad actions. Mortgage originators must have something to lose if they act unethically."

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The National Association of Mortgage Brokers is the voice of the mortgage broker industry with more than 25,000 members in all 50 states and the District of Columbia. NAMB provides education, certification and government affairs representation for the mortgage broker industry, which originates over 50% of all residential loans in the United States.

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