AMBA Showcases S.A.F.E. Mortgage Reform
- 04/21/2009
For Imediate Release
April 21, 2009
Contact Philip King -- President
205-278-5200 or 205-566-6004
MONTGOMERY - The Alabama Mortgage Brokers Association (AMBA) converged center stage on the State Capitol today from every corner of the state to showcase the Alabama S.A.F.E. Act of 2009. The Alabama Secure And Fair Enforcement (S.A.F.E. Act) is now before the 2009 Regular Session of the Alabama Legislature for consideration. AMBA President, Philip King announced today, “We have been trying to bring about statutory mortgage reform for years; the passage of this landmark legislation will be a monumental step toward making Alabama mortgage lending SAFE in our state.”
King continues by saying, “We have strongly supported mortgage reform legislation for years that embodies the following essential key tenets: Additional licensing requirements by the state that will invoke licensing & continuing education for all loan officers for any company assisting the consumers of Alabama. Equip the state with the statutory authority to regulate out of state companies who are currently unbridled and preying on innocent Alabama consumers. The Alabama S.A.F.E. Act addresses these critical matters that affect the fine homeowners in our state.”
Upon passage, the Alabama S.A.F.E. Act of 2009 requires all mortgage loan originators to be licensed and registered through the Nationwide Mortgage Licensing System & Registry (NMLSR). The legislation when passed raises the bar by requiring a comprehensive background check on loan originators which includes, fingerprinting, personal history; undergo an independent personal credit report, and information related to any administrative civil or criminal findings by a governmental jurisdiction. Industry educational requirements in this legislation have been elevated to include courses on Federal Law, regulations, ethics, fraud, consumer protection, fair lending practices and standards for non traditional mortgage products for pre-licensing and licensing renewal. All loan originators will be required to pass a written test with a 75% or greater score.
King further stated, “The AMBA applauds the Riley administration, State Banking Department officials for their support and encourages the legislature to join in by passing this masterful piece of legislation designed to keep Alabama homeowners …Mortgage SAFE…”
King also encourages mortgage lending professionals to join the AMBA and earn the Lending Seal of Integrity. The AMBA has joined the National Association of Mortgage Brokers (NAMB) in sponsoring the Lending Integrity Seal of Approval for Mortgage professionals in Alabama. King emphasized, “This seal is only earned by rigorous prerequisites demonstrating integrity. The Lending Integrity Seal of Approval is a bold step to transform our industry by helping consumers identify; mortgage professionals who meet the highest ethical and professional standards.” To earn the right to display the Lending Integrity Seal of Approval, a mortgage professional or loan officer must: Be a member of the AMBA, pass a rigorous national criminal background check, attend professional education training, including ethics training and adhere to NAMB's Code of Ethics and Standards of Best Business Practices and abide by NAMB's formal ethics grievance review process. The Integrity Seal is available in Alabama and AMBA members all over the state are displaying this important industry seal.
King concluded, “AMBA is dedicated to advancing a SAFE lending environment for Alabama homeowners marked by the Lending Integrity Seal and this legislation. The AMBA wants to reassure all Alabamians there is broad-based funding available to take care of home purchases or refinancing needs.”
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