mortgage guys

[dmarc117]

Yet earlier this week, a measure creating a federal fingerprint registry totally unrelated to national security passed a U.S. Senate committee almost without notice. The legislation would require thousands of individuals working even tangentially in the mortgage and real estate industries — and not suspected of anything — to send their prints to the feds. The database and fingerprint mandates were tucked into housing and foreclosure assistance bills that on Tuesday passed the Senate Banking Committee by a vote of 19-2.

 

The measure the committee passed states that “an indvidual may not engage in the business of a loan originator without first … obtaining a unique identifier.” To obtain this “identifier,” an individual is requiredto “furnish” to the newly created Nationwide Mortgage Licensing System and Registry “information concerning the applicant’s identity, including fingerprints for submission” to the FBI and other government agencies.

 

The fingerprint provisions are contained in a “manager’s amendment” that was hammered out by committee Chairman Chris Dodd, D-Conn, and Ranking Member Richard Shelby, R-Ala., on Monday and attached the next day to a broader housing bailout bill that had been scheduled for a comittee vote. That bill, the “Federal Housing Finance Regulatory Reform Act of 2008,” expands the lending authority of the Federal Housing Administration and the government-sponsored enterprises Fannie Mae and Freddie Mac to refinance the mortgages of troubled borrowers and banks.

 

The amendment adopted the fingerprint provisions in a section called the “S.A.F.E. Mortgage Licensing Act.” The fingerprints will be part of what the amendment calls “a comprehensive licensing and supervisory database.”

 

And the database would cover a broad swath of individuals involved with mortgage lending. The amendment defines “loan originator” as anyone who “takes a residential loan application; and offers or negotiates terms of a residential mortgage loan for compensation or gain.” It states that even real estate brokers would be covered if they receive any compensation from lenders or mortgage brokers. Since many jobs in both real estate and mortgage lending are part-time and seasonal, even some of the most minor players in the mortgage market may have to submit their prints.

 

Justifications listed in the bill for this database include “increased accountability and tracking of loan originators,” “enhance[d] consumer protection,” and “facilitat[ing] responsible behavior in the subprime mortgage market.”

Edited May 23, 2008 by dmarc117

[sundaynfl]

Do you have a copy of this dmarc?? State of Colorado already requires fingerprinting... We went from one of the least regulated States in the country to the most regulated in the span of 6 months! I think that this is a huge step in the wrong direction and a bunch of idiot politicians overreacting to make themselves look better in an election year!

Edited May 23, 2008 by sundaynfl

[dmarc117]

Do you have a copy of this dmarc??

 

http://www.openmarket.org/2008/05/23/finge...n-housing-bill/

 

it takes a while to load

[sundaynfl]

http://www.openmarket.org/2008/05/23/finge...n-housing-bill/

 

it takes a while to load

 

Thanks!

[dmarc117]

Do you have a copy of this dmarc?? State of Colorado already requires fingerprinting... We went from one of the least regulated States in the country to the most regulated in the span of 6 months! I think that this is a huge step in the wrong direction and a bunch of idiot politicians overreacting to make themselves look better in an election year!

 

 

np....i think they are doing it based on the politicians crying about predatory lending practices. but i dont see a huge problem with it. my prints are with the feds with the line of work im in.

[Missoula Griz]

We were requried to be printed over 2 years ago. Standard in Montana.

[PSULions]

My prints are on record too. Anyone that works for a large national bank like Bank of America, Citi, JPMorgan all get fingerprinted prior to getting hired. You want the job you agree to being fingerprinted... as simply as that. I have no problem with this new law.

[dmarc117]

My prints are on record too. Anyone that works for a large national bank like Bank of America, Citi, JPMorgan all get fingerprinted prior to getting hired. You want the job you agree to being fingerprinted... as simply as that. I have no problem with this new law.

 

 

yep....anyone in the finance or banking industry should be printed imo.

[sundaynfl]

I have no problem with the fingerprinting either... my problem is that they are enacting all of this legislation 5 years to late and now that the majority of the predatory lenders and scumbags are out of the business, they decide to punish those that are still in the business!

[dmarc117]

I have no problem with the fingerprinting either... my problem is that they are enacting all of this legislation 5 years to late and now that the majority of the predatory lenders and scumbags are out of the business, they decide to punish those that are still in the business!

 

 

i hear ya all the scumbags are out of the biz, but how does keeping tabs on who is lending and writing loans a punishment?

Edited May 23, 2008 by dmarc117

[polksalet]

yep....anyone in the finance or banking industry should be printed imo.

 

why?

[dmarc117]

why?

 

 

when you are dealing with large sums of money or with others money, you should be monitored. plus fingerprinting keeps those that have previously commited any other crimes from getting into the biz. dealing with monies requires a higher scrutiny imo.

[PSULions]

why?

 

I will answer that for you. I work with the PB clients and when you have access to wiring funds to and from accounts and booking million dollar loans, etc. you also have e-mails monitored and check to make sure we protect our clients privacy. Anyone that works at a branch has access to large sums of money in their banking center's vault so fingerprinting there is more important than in my role, as electronic communication is the type of trail we would leave. The Bank also requires an annual course and test on Money Laundering, Code of Ethics and Client Privacy to help the Bank manage its Operational Risk and reputation, which is very important. If you can't trust your Bank with your own funds and transactions the Bank could possibly lose millions from lawsuits and the negative perceptions with clients that may cause them to close their accounts and Bank somewhere else. The Bank also has our Audit group that helps monitor process and procedures to make sure that the Bank employees are following the correct prodecures. It is all about checks and balances.

 

99.9% of the people that work for the Banks to do their jobs well and don't think about illegal things to make the big score, but there are always a few people that try to beat the system and safeguards in place and it is for those people that fingerprints are important. I don't plan to break any laws as I like my job and the income that I receive from it so I have NO PROBLEM, playing within the rules.

Edited May 24, 2008 by PSULions

[polksalet]

I will answer that for you. I work with the PB clients and when you have access to wiring funds to and from accounts and booking million dollar loans, etc. you also have e-mails monitored and check to make sure we protect our clients privacy. Anyone that works at a branch has access to large sums of money in their banking center's vault so fingerprinting there is more important than in my role, as electronic communication is the type of trail we would leave. The Bank also requires an annual course and test on Money Laundering, Code of Ethics and Client Privacy to help the Bank manage its Operational Risk and reputation, which is very important. If you can't trust your Bank with your own funds and transactions the Bank could possibly lose millions from lawsuits and the negative perceptions with clients that may cause them to close their accounts and Bank somewhere else. The Bank also has our Audit group that helps monitor process and procedures to make sure that the Bank employees are following the correct prodecures. It is all about checks and balances.

 

99.9% of the people that work for the Banks to do their jobs well and don't think about illegal things to make the big score, but there are always a few people that try to beat the system and safeguards in place and it is for those people that fingerprints are important. I don't plan to break any laws as I like my job and the income that I receive from it so I have NO PROBLEM, playing within the rules.

 

 

 

 

 

My cohorts and I map pipelines which ad used by the department of homeland security to secure our infrastructure. Should we be fingerprinted as well?

[sundaynfl]

i hear ya all the scumbags are out of the biz, but how does keeping tabs on who is lending and writing loans a punishment?

 

I don't mind them keeping tabs on who is lending and writing loans... what I do mind is the tripiling of the paperwork and additional disclosures that are overkill. I also dislike the state of Colorado requiring that continuing education be done through their designated educators (it takes 6 months to a year to get approved as an educator). The classes that I have already taken do not have any credit associated with them since they are not an "approved" educator... I believe in educating myself in my profession and always have but now they are charging me an additional $500 for a lic. $500 for course work and $500 for O and E insurance that I am already covered for; but I still have to have the states personal O and E coverage.

[wiegie]

My prints are on record too. Anyone that works for a large national bank like Bank of America, Citi, JPMorgan all get fingerprinted prior to getting hired. You want the job you agree to being fingerprinted... as simply as that. I have no problem with this new law.

There is a hugh difference between a private individual agreeing to give his fingerprints to another private entity versus having the government mandate that they receive copies of individuals' fingerprints. I see no reason why the government needs these fingerprints.

[PSULions]

My cohorts and I map pipelines which ad used by the department of homeland security to secure our infrastructure. Should we be fingerprinted as well?

 

Bank's have operational risk and reputation risk if we do something inapporpriate to a client's account, steal money, etc, so for the banking industry I don't have any issue with it. BAC could face big lawsuits from customers for NOT protecting their private information and or their money so BAC tries it best to train, hire and monitor activities with double checks and procedures. I do not know anything about homeland security so I would not expect to answer your question since I don't understand your industry.

 

I will throw your question back to you... Is there a reason why your company should fingerprint its employees? Is their operational risk and reputation risk that your firm would suffer a substantial loss from the actions of one of your colleagues? You tell me what why or why not you should be fingerprinted in relation to your position if you are the President of your company?

 

If those types of risks are not a HUGH factor for your employer, it would seem to me that you are comparing an apple to an orange, as the risks are different. You can also decline a job with the employer if you do not approve of the fingerprinting practice, so it was a choice I made and I am fine with that.

[polksalet]

Bank's have operational risk and reputation risk if we do something inapporpriate to a client's account, steal money, etc, so for the banking industry I don't have any issue with it. BAC could face big lawsuits from customers for NOT protecting their private information and or their money so BAC tries it best to train, hire and monitor activities with double checks and procedures. I do not know anything about homeland security so I would not expect to answer your question since I don't understand your industry.

 

I will throw your question back to you... Is there a reason why your company should fingerprint its employees? Is their operational risk and reputation risk that your firm would suffer a substantial loss from the actions of one of your colleagues? You tell me what why or why not you should be fingerprinted in relation to your position if you are the President of your company?

 

If those types of risks are not a HUGH factor for your employer, it would seem to me that you are comparing an apple to an orange, as the risks are different. You can also decline a job with the employer if you do not approve of the fingerprinting practice, so it was a choice I made and I am fine with that.

 

al I can say is good luck

[wiegie]

Bank's have operational risk and reputation risk if we do something inapporpriate to a client's account, steal money, etc, so for the banking industry I don't have any issue with it. BAC could face big lawsuits from customers for NOT protecting their private information and or their money so BAC tries it best to train, hire and monitor activities with double checks and procedures. I do not know anything about homeland security so I would not expect to answer your question since I don't understand your industry.

 

I will throw your question back to you... Is there a reason why your company should fingerprint its employees? Is their operational risk and reputation risk that your firm would suffer a substantial loss from the actions of one of your colleagues? You tell me what why or why not you should be fingerprinted in relation to your position if you are the President of your company?

 

If those types of risks are not a HUGH factor for your employer, it would seem to me that you are comparing an apple to an orange, as the risks are different. You can also decline a job with the employer if you do not approve of the fingerprinting practice, so it was a choice I made and I am fine with that.

I still don't get why you think this has anything to do with making it a law that the fingerprints must get sent to the government.