H.R.1116 - Honest FHA Originator Act of 2009

To improve the process through which loan originators participate in FHA mortgage programs,and for other purposes. view all titles (2)

All Bill Titles

  • Short: Honest FHA Originator Act of 2009 as introduced.
  • Official: To improve the process through which loan originators participate in FHA mortgage programs,and for other purposes. as introduced.

This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.

Bill’s Views

  • Today: 1
  • Past Seven Days: 1
  • All-Time: 2,264
 
Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
02/23/09
 
 
 
 
 
 
 

Official Summary

Honest FHA Originator Act of 2009 - Amends the National Housing Act to remove the Director of the Enforcement Center from the Mortgagee Review Board of the Federal Housing Administration (FHA) of the Department of Housing and Urban Development (HUD). Declares that any person or entity that

Official Summary

Honest FHA Originator Act of 2009 - Amends the National Housing Act to remove the Director of the Enforcement Center from the Mortgagee Review Board of the Federal Housing Administration (FHA) of the Department of Housing and Urban Development (HUD). Declares that any person or entity that is not approved by the HUD Secretary is prohibited from serving as a mortgagee and from participating in the origination of an FHA-insured loan. Sets forth mortgagee eligibility criteria. Directs the Secretary to require each mortgagee approved for participation in the FHA mortgage insurance programs to:
(1) use the business name of the mortgagee that is registered with the Secretary in all advertisements and promotional materials relating to the business of such mortgagee in the mortgage insurance programs; and
(2) maintain copies of such advertisements and promotional materials. Requires an approved mortgagee to submit immediate written notification of the following actions:
(1) the debarment, suspension of a Limited Denial of Participation (LDP), or application of other sanctions, fines, or penalties applied to the mortgagee or to any officer, partner, director, principal, manager, supervisor, loan processor, loan underwriter, or loan originator of the mortgagee pursuant to applicable state or federal law; or
(2) the revocation of a state-issued mortgage loan originator license or any other similar declaration of ineligibility pursuant to state law. Instructs the Secretary to expand the review of FHA mortgagee applicants and newly approved mortgagees.

...Read the Rest




Vote on This Bill

0% Users Support Bill

0 in favor / 1 opposed
 

Send Your Rep a Letter

about this bill Support Oppose Tracking
Track with MyOC