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Volume 2014 - Number 30

July 31, 2014

MBA Pushing for Expansion of LO Testing to Bank Employees, Leveling Playing Field with Nonbanks

The Mortgage Bankers Association is pressing regulators and legislators for uniform national requirements for testing of loan originators. In a shift from the bank-friendly issues frequently pursued by the trade group, the MBA is calling for testing requirements that currently apply to nonbanks to be expanded to banks. “MBA believes that all consumers should know that every LO, regardless of what type of lender they work for, meets a demonstrated minimum threshold of knowledge of mortgage lending by passing a test,” the trade group said. The changes sought by the MBA would also allow...

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