Category Archives: Secondary

Why Wells Fargo Says Its Portfolio Lending Is So Safe

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Brad Blackwell, who heads portfolio lending at Wells Fargo, calls his bank’s underwriters the “fighter pilots” of the lending industry they belong to a force trained to attack very specific targets.

Bull’s-eyes in this case are mortgage borrowers with credit criteria that make them good risks in Wells’ eyes, even when they don’t meet the Fannie Mae and Freddie Mac molds, and produce loans worth keeping.

Bankers like Blackwell say they are motivated to make “high-quality mortgages” because they are holding a lot more of them for the long haul. “If a lender is making a loan on balance sheet, they have 100% skin in the game, so they can ensure the borrower has the ability to repay,” Blackwell said.

Wells’ portfolio of on-balance-sheet mortgages rose 42% in the past three years to $210.3 billion at March 31. This shift is going on at other banks as well as they become comfortable with loans that have high credit scores, low loan-to-value ratios and few defaults.

These are the reasons many lenders argue that all loans held on banks’ balance sheets should get the ultrasafe “qualified mortgage” stamp of approval from the Consumer Financial Protection Bureau, a controversial proposal currently before Congress.

Blackwell, who spent 17 years early in his career at the former World Savings Bank, was tapped in 2012 by Mike Heid, the president of Wells Fargo Home Loans, to create a portfolio lending unit. Jumbo loans to the wealthy are a big portion of the portfolio but far from all of it. The San Francisco bank is now keeping all high-balance conforming loans those between $417,000 and $625,500 on its own balance sheet. Such loans would have been sold to Freddie Mac or Fannie Mae before 2012.

Blackwell discussed how Wells underwrites nonconforming and non-QM loans, why some borrowers have been shut out of the mortgage market and the perks Wells offers jumbo borrowers.

Why do you prefer keeping loans on balance sheet?

BRAD BLACKWELL: When you originate a loan to be held in portfolio, you get to make your own rules. You get to decide, “Do I like this loan, or don’t I?” You can exercise a degree of judgment on risk.

When I originate to investor guidelines, I create policies that satisfy those guidelines, so judgment is less important.

You might have a loan that meets every guideline that Fannie or Freddie would have or a private investor would have but you may not make that loan yourself. On the other side of that same coin, you may have a loan that doesn’t meet the guidelines, but you would make that loan every day.

What are the parameters you’ve set for underwriters?

We have a strong emphasis on the fundamentals of lending: the borrower’s ability to repay, credit history, commitment to the transaction, which is skin in the game and the quality of the collateral.

This is going back to the fundamentals of lending. This type of lending hasn’t really been done since the mid-1990s. As soon as automated underwriting engines were created, you started to lose that capability in the nation’s mortgage lending competency level. We need to sharpen the [underwriters’] experience in these areas.

We want to do high quality lending for our portfolio, and rules-based underwriting might not bring in quality.

Jumbo borrowers often have very complex financials. I internally call these underwriters the fighter pilots of the underwriting industry. It gives us a tremendous amount of flexibility to meet the needs of our customers.

We still have guidelines and quality-control discipline, but it’s all aimed at judgment.

How do you actually underwrite non-QM loans?

We look at lots and lots and lots and lots of loans together. We’re very disciplined at doing what we call deal reviews on nonconforming loans, and in teams looking at transactions together. We have 400 underwriters in six separate locations too many locations, and you lose quality control.

We say, if you were to change this one feature say, the borrower has more cash, income or savings then we run through various scenarios so we get everybody used to thinking about how to approve loans and what loans we want or not.

Why should loans held on a bank’s balance sheet be exempt from the CFPB’s qualified-mortgage rule?

It makes sense because the intent of Congress in creating QM was to ensure lenders are making decisions that are smart. If a lender is making a loan on balance sheet, they have 100% skin in the game, so they can ensure the borrower had the ability to repay.

Are lots of qualified borrowers not getting home loans?

There are so many people that know they’re qualified and the rules may not allow them to get a loan today.

We’re able to do things with our portfolio that other lenders can’t do.

Because we’re very confident, and have such strong controls and can originate very high-quality loans, we are originating both QM and non-QM loans if they make sense.

We’re comfortable doing non-QM lending [even though] you expose yourself on ability-to-repay lawsuits in the future. We are very disciplined that the loans we’re making are to customers that are very highly qualified; they just can’t meet the test of 43% debt to income [or others tests in the CFPB’s] Appendix Q, or are interest-only loans.

We don’t have a cap on non-QM; we want to make them QM when possible but there are many customers that are complex. The rules of Appendix Q do not make sense for all the customers.

Is it a tough balancing act?

Legislating underwriting is very challenging. The concern lies at the margin. Either I make the rules too tight, and there are always exceptions to the rule. If I want nothing but high quality I have to make them too tight, but if I loosen them I might bring in customers I don’t want. Finding that line with rules [is hard] when every customer is different. That has been the challenge for the industry with the QM rule.

To what degree can you customize products?

I can do a non-QM borrower, a 10%-down borrower and condos that Fannie and Freddie haven’t approved.

We rolled out an 89.9% loan-to-value program with no mortgage insurance in mid-2014 to meet a specific need for first-time homebuyers in high-end markets or move-up buyers who didn’t have appreciation.

And we do mixed-use condos, with retail down and residential up, that Fannie and Freddie would not approve.

Pricing on jumbo loans is still lower than conforming?

A jumbo borrower will get a slightly better price today than a conforming loan borrower. Banks’ cost of funds is still low, and the agencies have added quite a bit in guarantee fees and other costs. Wells is not the low-priced leader. We are mid-market price. We believe providing a fair price with lots of value.

Article source: http://www.nationalmortgagenews.com/news/origination/why-wells-fargo-says-its-portfolio-lending-is-so-safe-1050561-1.html

Sutherland Launches Commercial Bridge Lending Platform

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Sutherland Asset Management has launched a bridge lending division called Ready Capital Structured Finance to strengthen its existing direct commercial lending platform.

RCS will provide nonrecourse, bridge and mezzanine commercial real estate debt financing.

“The addition of this dedicated platform with a highly regarded team provides Sutherland with the ability to provide small- to mid-size balance commercial loans to finance real estate through its entire life-cycle, from development and rehabilitation through stabilization, with a wide range of financing products from senior to subordinate debt,” said Sutherland’s chief investment officer, Thomas Buttacavoli.

Sutherland is a full-service real estate finance company managed by Waterfall Asset Management that acquires, originates and manages commercial real estate loans and real estate-related securities.

RCS is offering nonrecourse floating and fixed-rate loans on transitional, value-add and event-driven commercial and multifamily real estate opportunities, and up to five years and $25 million to middle-market and institutional commercial real estate sponsors.

The division will also offer short-term, interest-only loans with advances of up to 80%, for cash-flowing and non-cash flowing properties. Flexible prepayment schedules and customized structuring solutions will be available.

David Cohen joins RCS as its national production manager and Dominick Scali as its head of credit. Both were previously at Doral Property Finance, where they helped grow the national bridge lending platform.

Article source: http://www.nationalmortgagenews.com/news/origination/sutherland-launches-commercial-bridge-lending-platform-1050382-1.html

Mortgage Hiring Gains Continue in March

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Mortgage banking and brokerage firms added 1,900 full-time employees to their payrolls in March, thanks to this year’s unexpected pickup in both refinance and purchase lending.

Employment in the mortgage banking/broker sector rose to 284,500 in March, up from 282,600 in February, the Bureau of Labor Statistics reported Friday.

It’s the second consecutive month of employment gains at nonbank mortgage firms, after a sharp drop in jobs at the beginning of the year. Industry employment is up about 4.2% from March 2014, when nonbank lenders employed 273,100 full-time workers.

And forecasts for mortgage originations bode well for additional hiring of loan officers and other mortgage professionals in the months ahead.

Economists at the Mortgage Banker Association expect a surge in mortgage originations in the second quarter. They are forecasting a 26% jump in single-family originations from the first quarter to $363 billion in second quarter.

Forecasts for home sales also are encouraging.

“New home sales have gotten off to a strong start this year and builders generally report a rising order backlog. We expect new home sales to rise 19% this year and look for a 4.3% rise in existing home sales,” according to an April 30 report by economists at Wells Fargo Securities.

Friday’s jobs report shows that homebuilders and other construction companies added 45,000 workers to their payrolls in April.

“Employment in specialty trade contractors increased by 41,000 in April, with gains about evenly split between the residential and nonresidential components. Employment declined by 8,000 in nonresidential building construction,” according to BLS commissioner Erica Groshen.

Overall, the U.S. economy created 223,000 new jobs in April and the unemployment rate was “essentially unchanged,” at 5.4%, the BLS reported. The results follow a dismal March when just 85,000 workers were hired, and March figures were revised downward from 126,000 new jobs.

“Today’s April jobs report suggests that the weak hiring in March was an aberration. The snapback in construction employment, the biggest gain since the start of 2014, supports our view that a weather-boost impact will show up in the current quarter economic growth,” Fannie Mae chief economist Doug Duncan said in a statement.

“While wage gains remain muted, reflected by the trend-like rise in average hourly earnings of little more than 2%, accelerating growth in broader measures, such as the Employment Cost Index and the continued decline in the unemployment rate, point to a tighter labor market,” Duncan added.

Article source: http://www.nationalmortgagenews.com/news/origination/mortgage-hiring-gains-continue-in-march-1050355-1.html

Ocwen Fails Loan Mod Compliance Test in Mortgage Settlement

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Ocwen Financial failed a test to determine whether it had notified borrowers of missing or incomplete documents for loan modifications in a timely manner, according to the national mortgage settlement monitor.

Joseph A. Smith Jr., the settlement monitor, plans to file a report Thursday with the U.S. District Court for the District of Columbia outlining corrective actions taken by Ocwen, which passed eight other tests.

Ocwen reported preliminary first-quarter earnings last week in which it said it does not expect to face any fines or actions from regulators that would have a material impact on its results.

In December, Smith launched an investigation of Ocwen saying he could not rely on the Atlanta servicer’s internal review process.

The retesting of metrics began last year after a whistleblower contacted Smith claiming that Ocwen was selecting its own samples of loan files instead of taking a statistical sample. Smith then created a hotline to allow any concerned employees to contact him.

The results of the current review by the independent accounting firm McGladrey show that Ocwen failed just one metric, on loan mod documentation, that it had previously claimed to have passed. The company passed eight other tests including one that its internal review group claimed to have failed on terminating force placed insurance agreements.

To put Ocwen’s results in perspective, last year, Green Tree Servicing failed eight tests during one testing period, prompting further scrutiny of nonbank servicers’ processes.

Ocwen has replaced an unnamed executive who had previously led the internal review group that was created to comply with terms of the 2012 national mortgage settlement, Smith said. The company also has reorganized its employees, adopted corporate governance principles and enhanced the monitor’s access to information, Smith said.

The settlement allows banks and servicers to correct all violations, and it only subjects them to financial penalties if their mistakes reach a specific “error threshold” after corrective actions have been taken. No bank or servicer has yet paid financial penalties for failing any of the 33 metrics being tested by independent reviewers working for Smith.

Ocwen said it is committed to being fully compliant with all the rules and regulations related to its business.

“We are pleased with the progress we have made so far working with the monitor, and we will continue to make every effort to improve all aspects of our compliance procedures and processes,” the company said in an emailed statement.

The 2012 national mortgage settlement with federal regulators and 49 state attorneys general resulted from servicers’ “robo-signing” foreclosure documents and other lapses. Ocwen became a party to the settlement after purchasing mortgage servicing rights from Residential Capital, the former lending arm of General Motors that later belonged to Ally Financial.

Article source: http://www.nationalmortgagenews.com/news/servicing/ocwen-fails-loan-mod-compliance-test-in-mortgage-settlement-1050237-1.html

Wall Street Sway Over Rental Boom Makes Landlord Prey

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A pioneer in the U.S. home-rental boom that grew out of the housing bust is becoming a takeover target.

American Residential Properties Inc. built up a portfolio of about 9,000 houses worth $1.3 billion over seven years. Now, the Scottsdale, Ariz.-based landlord is running out of options to raise money for more purchases. The company, with a market value of $600 million, may find its best bet is to sell out to one of the bigger firms in the market, such as Blackstone Group’s Invitation Homes or American Homes 4 Rent.

“The way to maximize shareholder value would be to sell themselves,” David Segall, an analyst at Green Street Advisors Inc. in Newport Beach, Calif., said in a phone interview. “They have no source of new capital, so either they just sit there with their small portfolio or they have to face the music at some point and make the decision of trying to sell themselves.”

Owners of single-family rentals are consolidating and buying in bulk as the pool of low-cost foreclosures shrinks and U.S. home prices rebound. American Residential may attract suitors because its shares are trading below their initial public offering price and amount to less than the value of the companys real estate, Segall said.

American Residential Chief Executive Officer Stephen Schmitz said during an April 21 interview in Miami Beach that while the company hasn’t put itself up for sale, “we do everything to maximize shareholder value.”

Invitation Homes CEO John Bartling, whose company owns about 47,000 homes, declined to comment on whether it would consider buying American Residential. David Singelyn, CEO of American Homes 4 Rent, the largest publicly traded single-family landlord, with more than 36,000 homes, also declined.

Investors who purchased at least 10 homes a year have spent about $68 billion on 528,000 single-family houses since 2011, according to Morgan Stanley analyst Haendel St. Juste, making a corporate business out of a space dominated by mom-and-pops. American Residential is among four U.S. landlords that have gone public as real estate investment trusts since 2012. Eight companies have issued $9.8 billion in debt backed by mortgages on almost 70,000 homes.

Earlier this year, Tricon Capital Group Inc. agreed to pay $150 million for almost 1,400 rentals, while Silver Bay Realty Trust Corp. bought a portfolio of more than 2,400 homes.

Demand for rentals continues to rise. Owners of more than 9 million homes lost property through foreclosure or distressed sales from 2006 through 2014, according to the National Association of Realtors. The U.S. homeownership rate fell to 63.7% in the first quarter, down from a 2004 peak of 69.2% and the lowest since 1993, the Census Bureau reported April 28.

American Residential has slowed home purchases even as rivals continue to expand, because it doesn’t want to take on too much leverage and “we’re not going to go out and issue equity at these prices,” Schmitz said during a March 12 conference call. For now, the company is mostly focused on improving cash flow and the efficiency of its current portfolio, he said.

The company’s net asset value, calculated from estimates of stabilized net operating income and capitalization rates, is $23 a share, St. Juste of Morgan Stanley said in a March note. American Residential, which went public at $21 a share in May 2013, never closed above that level and ended Tuesday at $18.52 in New York. The company reports first-quarter earnings on Wednesday after the close of the market.

Pressure to boost the stock may come from Jonathan Litt, founder of activist real estate hedge fund Land Buildings Investment Management. The company bought 300,000 American Residential shares last year. Litt, who has pushed this year for changes at MGM Resorts International and Macerich Co., said during American Residentials last quarterly conference call that it was trading “at a 30-some-odd percent discount” to its net asset value.

“To me, the next step would be to sell some assets and buy back stock,” he said.

Litt declined a request May 1 for any further comment, according to his spokesman Dan Zacchei.

Green Street’s Segall said American Residentials portfolio may not be a good fit for either Invitation Homes or American Homes 4 Rent, because they have preferred higher-priced properties than most of the smaller firms homes.

Even so, mergers among single-family rental companies are likely to follow the pattern of apartment real estate investment trusts, the most similar asset class in the industry, according to Jeffrey Langbaum, a Bloomberg Intelligence analyst. The sales of Colonial Properties Trust to Mid-America Apartment Communities Inc., BRE Properties Inc. to Essex Property Trust Inc. and Associated Estates Realty Corp. to Brookfield Asset Management Inc. are examples of big apartment players consuming smaller competitors.

“The smaller companies that are struggling to grow and are underperforming could be takeout candidates,” Langbaum said.

Article source: http://www.nationalmortgagenews.com/news/distressed/wall-street-sway-over-rental-boom-makes-landlord-prey-1050229-1.html

Homeownership Moving Further Away for Poorest Americans: Zillow

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For all the talk about an economic and housing recovery, homeownership remains out of reach for a third of Americans, a new report from real estate data firm Zillow found.

Increased home prices have far outpaced wage growth amongst Americans in the bottom third of income over the last 15 years. Home value has grown 41% since 2000, as opposed to a 15% increase in wages for U.S. workers at our below the 33rd percentile of wages.

Zillow said in its report that the problem of affordability had become exacerbated over the last two years, but did not provide specific numbers. Still, the problem appears to be confined mainly towards those in the lower tiers of income.

“Low interest rates and still-recovering home values makes homeownership more affordable than renting for those who make median to high incomes,” the company said in its report.

Article source: http://www.nationalmortgagenews.com/news/origination/homeownership-moving-further-away-for-poorest-americans-zillow-1050217-1.html

Home Prices Jump Nearly 6% in March: CoreLogic

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Home prices, including distressed sales, rose year-over-year by 5.9% in March, according to data released Tuesday by CoreLogic.

The CoreLogic Home Price Index report found that March was the 37th consecutive month to feature year-over-year increases in home prices across the country. Month-to-month, home prices also rose by 2%, including distressed sales.

When including distressed sales, 27 states and the District of Columbia were within 10% of their peak prices, while seven states reached new highs from when the HPI began in 1976. Colorado saw the most price appreciation when distressed sales were included at 9.2%, while Kansas topped the list at 9.5% when excluding distressed sales.

Looking at the nationwide figures when distressed sales are not included, the HPI noted that prices rose 6.1% from March 2014 and 2% from February 2015. Only New Mexico experienced price depreciation from a year ago when distressed sales were left out of the mix.

“The homes-for-sale inventory continues to be limited while buyer demand has picked up with low mortgage rates and improving consumer confidence,” said Frank Nothaft, chief economist for CoreLogic, in a news release announcing the findings. “As a result, there has been continued upward pressure on prices in most markets.”

CoreLogic’s HPI Forecast estimated that prices will continue to increase month-to-month in April by 0.8% when including distressed sales and 0.7% without these properties.

Article source: http://www.nationalmortgagenews.com/news/origination/home-prices-jump-nearly-6-in-march-corelogic-1050220-1.html

Delinquency Rates Drop to 10-Year Lows: Black Knight

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March featured the largest monthly decline in the mortgage delinquency rate in nine years, according to Black Knight Financial Services.

The report noted that the total U.S. loan delinquency rate was 4.7% in March, a month-to-month drop of 12.18%. All stages of delinquency experienced declines in March, with 30-day delinquencies falling to their lowest level in over a decade, according to the data released May 4.

In another record, the rate of loans curing from 30 days delinquent to current status rose to 40.7%, which is the highest level since March 2005. Roll rates, meanwhile, dropped to their lowest levels since March 2006.

The report from Black Knight’s data and analytics division also focused on trends in negative equity. The researchers found that the share of borrowers underwater on their mortgages came to 8%, a 30% decline from the previous year. Of these borrowers, 29% were seriously delinquent and 77% of active foreclosures represented underwater borrowers.

Nevada and Florida remained the states with the highest negative equity rates at 16.4% and 15.1%, respectively, Black Knight noted.

Article source: http://www.nationalmortgagenews.com/news/distressed/delinquency-rates-drop-to-10-year-lows-black-knight-1050212-1.html

Ocwen Shares Rise 19% as It Allays Some Investor Concerns

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Ocwen Financial’s shares jumped 19% to more than $10 a share as of late morning Friday, the day after it reported a first-quarter profit and highlighted an expansion into mortgage lending.

The Atlanta servicer sought late Thursday to allay investors’ concerns about its struggles, saying it does not expect to face any fines or actions from regulators that would have a material impact.

Though profits fell 43% last quarter and its independent auditor will likely raise questions about Ocwen’s prospects as a going concern when its long-delayed 2014 financial results are filed on May 29, Ocwen has renegotiated its debt and does not expect a default. Those reassurances clearly cheered investors Friday morning.

Kevin Barker, an analyst at Compass Point Research Trading, said in a research note Friday that he does not expect Ocwen to be profitable over the next two years.

Ocwen plans to sell off more servicing of loans backed by Fannie Mae and Freddie Mac, and Barker expects its overall servicing portfolio will drop from $382 billion in the first quarter of 2015 to $253 billion in the first quarter of 2016.

“We expect operating expenses to drop off, but the cost to service an average loan at Ocwen will increase as the portfolio will be made up of more delinquent private-label loans and it takes longer to wind down servicing operations than it does to sell the assets,” Barker wrote. “This will cause margins to squeeze.”

Meanwhile, Ocwen has reached an agreement to settle charges with Assurant that it profited from kickbacks on force-placed insurance policies with struggling homeowners.

The settlement, filed in federal court earlier this week, would provide $140 million in monetary relief to nearly 400,000 borrowers. It would also provide an additional $10 million for legal fees and expenses.

At issue in the class action are insurance policies placed on foreclosed properties, to cover hazard, flood, flood-gap and wind insurance. Plaintiffs in the case accused Ocwen of inflating premiums and profiting from kickbacks through an arrangement with Assurant, the New York-based insurance provider that administered the policies.

“Ocwen decided to settle this matter to avoid prolonged and distracting litigation. The company does not admit any liability or wrongdoing with respect to this matter,” the company said in an email.

Kristin Broughton contributed to this report.

Article source: http://www.nationalmortgagenews.com/news/servicing/ocwen-shares-rise-19-as-it-allays-some-investor-concerns-1050058-1.html

Bill Seeks to Help Bank Lending Officers Work for Nonbanks

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WASHINGTON Rep. Steve Stivers, R-Ohio, has introduced a bill that would make it easier for mortgage loan officers at banks to jump ship and take a job with a nonbank lender.

Called the SAFE Transitional License Act, the bill would allow bank lending officers to work at an independent mortgage bank or brokerage firm for 120 days while they complete the testing and background checks required to obtain a state license.

Currently, bank lending officers must be registered in the National Mortgage Licensing System and Registry but they do not have to obtain a state license.

“The SAFE Act inhibits job mobility and puts independent mortgage lenders at a considerable disadvantage in recruiting talented individuals,” Stivers said in press release Thursday.

Congress passed the Secure and Fair Enforcement (SAFE) for Mortgage Licensing Act in 2008 to ensure all lending officers could be tracked and held accountable. Under pressure from the banking industry, lawmakers exempted bank lending officers from the testing and licensing requirements of the SAFE Act.

Over the past few years, some large banks have tightened their mortgage lending operations due to large settlements with Justice Department and other government agencies and repurchase demands by Fannie Mae, Freddie Mac and the Federal Housing Administration. This has prompted a mitigation of bank officers to nonbank lenders.

Stivers noted that a loan officer who moves from a federally-insured institution to a nonbank lender must sit on their hands for weeks, even months while they meet the SAFE Act’s licensing and testing requirement.

“This is despite the fact that they have already been employed and registered as a loan officer. This is simply unfair,” the House Financial Services Committee member said in a press release.

Industry groups like the Mortgage Bankers Association, Community Home Lenders Association and the National Association of Independent Housing Professionals support Stivers’ bill.

After the SAFE Act was passed, a lot of broker lending officers went to work for the banks, according to NAIHP president Marc Savitt. The Stivers’ bill will make it easier for lending officers to return to the brokerage business.

“We will welcome them back to the brokerage side,” Savitt said in an interview.

The MBA is making the bill one of its top legislative priorities.

“In today’s dynamic mortgage marketplace, this bill addresses the need for true labor force mobility across state lines and between institutions. It also offers no new regulatory burdens, and is well within the guardrails of current oversight by state regulators and the Consumer Financial Protection Bureau,” MBA Chairman Bill Cosgrove said in a statement Thursday.

The Community Home Lenders Association also supports the Stivers bill, according to Scott Olson, its executive director.

Separately, the group is urging the Consumer Financial Protection Bureau to require consumer disclosures regarding a lenders adherence to the SAFE Act. These disclosures would show if lending officers are licensed and meet all the requirements of the SAFE Act, including an independent background check and continuing education courses.

Consumers are not generally aware of the “almost unique exemption bank loan originators enjoy from basic licensing, testing and continuing education requirements,” the CHLA says in letter to the CFPB.

Article source: http://www.nationalmortgagenews.com/news/origination/bill-seeks-to-help-bank-lending-officers-work-for-nonbanks-1049992-1.html

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