MBA Chairman Bill Cosgrove Commends Introduction of SAFE Transitional Licensing Act

MBA Chairman Bill Cosgrove Commends Introduction of SAFE Transitional Licensing Act

WASHINGTON, D.C. – April 30, 2015 – (RealEstateRama) — Bill Cosgrove, CMB  President & CEO Union Home Mortgage Corp. and Chairman of the Mortgage Bankers Association (MBA) issued the following statement in response to the introduction of bipartisan legislation amending the SAFE Mortgage Licensing Act, by Representatives Steve Stivers (R-OH), Terri Sewell (D-AL), Lynn Westmoreland (R-GA), Joyce Beatty (D-OH), Luke Messer (R-IN), and Kyrsten Sinema (D-AZ):

“This legislation is one of MBA’s top advocacy priorities, and a constructive approach to address a key component of the SAFE Act by providing a temporary license for loan originators transitioning between employers and across state lines. “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 CFPB. “MBA looks forward to working with the bill’s authors, Congressional leadership and other key stakeholders, to garner additional support in order to advance this important piece of legislation.”

CONTACT
Rob Van Raaphorst

(202) 557- 2799

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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

Contact:

Mortgage Bankers Association
1331 L Street, NW
Washington, DC 20005

Phone: (202) 557-2700

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