BANK LOAN OFFICERS! FREE at LAST!
On Thursday, May 24, 2018, the President signed into law: 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act”, which provides, among other things: Exemptions to mortgage lending rules; Regulatory relief for community banks, bank holding companies and consumer protections for veterans.
The U.S. House of Representatives passed S.2155, a bill regulatory relief bill already passed by the Senate. The President Signed it the same day. Bank Mortgage Loan Officers, will be able to transition to Mortgage Banking Companies more easily! (Sec. 106) The bill amends the S.A.F.E. Mortgage Licensing Act of 2008 to revise the Act's civil liability immunity provisions and to temporarily allow loan originators that meet specified requirements to continue to originate loans after moving: (1) from one state to another, or (2) from a depository institution to a non-depository institution.
The legislation included SAFE Act amendments which allow mortgage loan originators 120 days of transitional authority to originate when moving from a federal depository to a non-bank or when licensed, moving from state to state. The MBA has carried the torch through the long journey of getting the SAFE Act amendment passed.
Bank LO’s should be excited and writing their representatives thanking them for passing this legislation.
Regional and Community Nonbank Mortgage Lenders are growing fast.
Stockton Mortgage is growing our market share with loan programs like 203K’s, HomeStyle, Manufactured and Modular Construction Loans and we follow DU\LP without overlays. We also can establish Third Party Originations with Local Banks and Credit Unions and we have Non-QM loans (Non-Agency Programs) such as Jumbo Programs, Doctor’s Loans. Mini Farm Programs, Self-Employed Borrower Bank Statement Programs, Non-warrantable Condos and Foreign National Programs. We sell directly to FNMA\FHLMC & we’re a GNMA Issuer as well as we correspondent lend. We also service a percentage of our loans.
If you are a Bank Loan Officer looking to move to a company focused only on mortgages, Give me a call:
Rick Koenig is a lifelong Cincinnati, OH native involved with the housing industry his entire adult life. As a Mortgage Banker the past 25-years. Rick has worked as an Originator, Branch Manager, and Regional VP in the mortgage industry. Rick is currently the Director of Recruiting and Business Development for Stockton Mortgage. Rick is very active in the housing industry having served as past president of the Cincinnati Mortgage Bankers Association and the Greater Cincinnati Home Builders Association. You can contact him at 513-382-5861 or by email at rkoenig@smcapproved.com