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The Mortgage Originator Clarification Act

Floor Speech

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Mr. FINCHER. Mr. Speaker, I rise today to introduce the Mortgage Originator Clarification Act to clarify the definition of the term mortgage originator in the Dodd-Frank Wall Street Reform and Consumer Protection Act.

I support responsible lending policies and consumer protections throughout the home buying process to provide the best products and transparency for consumers. However, the Dodd-Frank Act was hastily put together and crammed through Congress. Unintended consequences of regulations prescribed in the Dodd-Frank Act, if implemented without specific consideration of manufactured housing, could eliminate housing finance options for families seeking to purchase affordable manufactured homes.

Multiple definitions and standards for mortgage origination, such as those in Section 1401 of Dodd-Frank and the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act, are confusing to the manufactured housing industry, consumers interested in buying manufactured homes, and regulators. In addition, the definition outlined in the Dodd-Frank Act may create unintended regulatory and compliance risks. The current definition of mortgage originator is based on traditional mortgage market roles and does not consider the unique lending model of the manufactured housing market.

I'm introducing the Mortgage Originator Clarification Act to provide clarity in the residential mortgage market with a clear and consistent standard recognizing the unique activities of the manufactured home sales process. This bill will further clarify the definition of mortgage originator so that manufactured homes will remain an available housing option for Americans across the nation.


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