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Mortgage Reform with Loan Modification Licensing
21st July 2010
The U.S. government has been working frantically to pass mortgage reform that would require loan modification licensing. The U.S. Department of Housing and Urban Development, which oversees compliance with the SAFE Act, has proposed that employees handling loan modifications for struggling homeowners also meet the licensing requirements, a policy opposed by banks. John Courson, CEO of the Mortgage Bankers Association said that mandating licenses for mortgage loan modification advisors could slow hiring and hinder efforts to cut home foreclosures.” Courson continued, “We say this is not originating a new home loan, because the loan terms are being reduced on their home mortgage to increase the affordability and reduce the likelihood of a foreclosure.”
The housing department hasn’t set a deadline for a decision, said Lemar Wooley, a spokesman. According to Anthony Hsieh, CEO of LoanDepot.com, an online mortgage originator based in Irvine, California, the process costs $3,000 to $6,000 to train and pay the fees for each new employee to comply with the mortgage-licensing system. “The mortgage reform law is supposed to make sure we kick the bad ones out,” said Hsieh. “It could be the opposite, keeping the good loan officers out.”
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