American Association of

Residential Mortgage Regulators

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HEADQUARTERS

20th Annual Regulatory Conference
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LATEST NEWS

March 2009 Congressional Oversight Panel Report on Foreclosure Crisis

AARMR submitted comments to the House Financial Services Committee concerning proposed standards in H.R. 1728 that would impose ability-to-repay and net-tangible-standards on the mortgage industry.  The comments were included as part of the written testimony submitted by Commissioner Steven Antonakes of Massachusetts on behalf of the Conference of State Bank Supervisors.

H.R. 1728

S.A.F.E. ACT

Public Law 110-289, Title V., The S.A.F.E. Act, signed into law by President Bush on July 30, 2008, requires state action in your next legislative session to avoid HUD intervention in the licensing of mortgage loan originators (see Section 1508 of Title V). A CSBS/AARMR ten state working group has been meeting since July 31st to establish the minimum requirements for state adoption of the S.A.F.E. Act requirements and to provide states with a Model State Law (MSL) for uniform implementation.

Release of RFP for Testing & Education Services

Below are two documents for your use in proposing a state bill for the S.A.F.E. Act implementation. A short explanation of each document follows:

SAFE to State Cross-Reference Table for Implementation Language—Version 4: This document provides you with the original S.A.F.E. Act language, section by section, alongside the Model State Law. The purpose of this document is to provide clear reference from the S.A.F.E. requirements to the MSL.

CSBS/AARMR Model State Law for the Implementation of the S.A.F.E. Act—Version 4: This document is the proposed model law. It contains both required and optimal language for implementation of the S.A.F.E. Act requirements, as well as, italicized placeholders for a more comprehensive model state law incorporating elements not contemplated in the S.A.F.E. Act, but necessary for effective supervision of the mortgage industry. The CSBS/AARMR working group is in the process of drafting the placeholder language for the comprehensive law. This language will be completed and distributed in the very near future.

As part of its vetting process, the CSBS/AARMR working group has shared the MSL with both industry and consumer groups. In the last two weeks, the working group leadership has met several times with the industry to discuss their concerns and recommendations for the MSL. These meetings have been productive and many issues have been successfully resolved and are now represented in the MSL language. Other issues continue as on-going discussions and we are encouraged that this dialogue will produce solutions for the unresolved matters.

A comprehensive package of materials for use with your Governor and Legislators will be available in the coming days. In the meantime, if you have any questions, please do not hesitate to contact CSBS VP for Mortgage Regulatory Policy, Chuck Cross, at 202-306-8710.

AARMR Borrower Ability to Repay Standard

AARMR/CSBS Guidance on Nontraditional Mortgage Product Risks

AARMR/CSBS/NACCA Statement on Subprime Lending

To View Model Examination Guidelines CLICK HERE

AARMR/CSBS Model Mortgage Disclosure

Recast Statements

MEGs Users School Flyer
MEGs Users School - Course Outline & Syllabus

CONSUMERS: Please note that AARMR can not reply to complaints or provide advice regarding your mortgage or your mortgage company.  If you have a complaint or concern regarding your mortgage, please contact your state regulatory agency.  A list of state regulatory agencies can be found on the AARMR Members page ( http://aarmr.org/page04.lasso).

Mission Statement

The primary goals of the Corporation are:

(a) promote the exchange of information between and among the executives and employees of the various states who are charged with the responsibility, pursuant to the laws of the individual states, for the administration and regulation of residential mortgage lending, servicing and brokering;

(b) assist in resolving conflicts of jurisdiction in relation to mortgage lending, servicing, and brokering;

(c) promote a better understanding of mortgage regulation;

(d) develop model legislation applicable to the administration and regulation of mortgage lending, servicing and brokering;

(e) increase the knowledge and ability of those engaged in the administration and enforcement of mortgage regulation and those engaged in mortgage lending, servicing or brokering by organizing and sponsoring lectures, seminars, and training programs and by providing a forum for the exchange of information; and

(f) do everything necessary, proper, advisable or convenient for the accomplishment of the Corporation’s purposes and goals.