ABA Banking Journal - May 2011 - (Page 37)

compliance clinic  |  mortgage lending Changing mortgage rules: don’t be led astray New rules, especially those concerning pay, could raise fair-lending questions by lucy griffin, contributing editor T here was a time when being a mortgage loan originator was a fast, relatively easy line of work to get into—to say nothing of profitable. But ever since the real estate crumble, things have changed. While financial institutions have taken much of the blame, several laws and related regulations target practices of mortgage originators and significantly change the nature of their business. When trust fell, registration followed First, there is the Secure and Fair Enforcement for Mortgage Licensing Act, which requires registration to work as a mortgage originator. Reg- istration involves more than signing up. It includes fingerprints and a life story. The idea behind registration is so consumers can find out about the professional history and performance of the originator they are considering working with. Years back, when surveyed, most consumers responded that they trusted their originator to act in their best interest. Consumers assumed that when the originator contacted them to share news about a “great” mortgage deal, the originator was being truthful. Only later, when unable to make dramatically increased payments on a loan they had been assured was “fixed” did may 2011 | AbA bAnKing JournAl | 37

Table of Contents for the Digital Edition of ABA Banking Journal - May 2011

ABA Banking Journal - May 2011
Contents
Chairman’s View
Editor’s Column
The Economy
Bank Notes
ABA Community Banking: Getting in on the Prepaid Wave
Pass the Aspirin
Tech Topics
Cover Story: #5 and Feeling Good
Smartphones Alter Banking Landscape
Compliance Clinic
Compliance Inbox
ABA Resources
Surveys & Trends
Board Matters
First Person

ABA Banking Journal - May 2011

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