Honest FHA Originator Act of 2009

Summary

Honest FHA Originator Act of 2009 - Amends the National Housing Act to remove the Director of the Enforcement Center from the Mortgagee Review Board of the Federal Housing Administration (FHA) of the Department of Housing and Urban Development (HUD). Declares that any person or entity that is not approved by the HUD Secretary is prohibited from serving as a mortgagee and from participating in the origination of an FHA-insured loan. Sets forth mortgagee eligibility criteria. Directs the Secretary to require each mortgagee approved for participation in the FHA mortgage insurance programs to: (1) use the business name of the mortgagee that is registered with the Secretary in all advertisements and promotional materials relating to the business of such mortgagee in the mortgage insurance programs; and (2) maintain copies of such advertisements and promotional materials. Requires an approved mortgagee to submit immediate written notification of the following actions: (1) the debarment, suspension of a Limited Denial of Participation (LDP), or application of other sanctions, fines, or penalties applied to the mortgagee or to any officer, partner, director, principal, manager, supervisor, loan processor, loan underwriter, or loan originator of the mortgagee pursuant to applicable state or federal law; or (2) the revocation of a state-issued mortgage loan originator license or any other similar declaration of ineligibility pursuant to state law. Instructs the Secretary to expand the review of FHA mortgagee applicants and newly approved mortgagees.

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Timeline

1. 23 February 2009

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 23 February 2009

   Introduced

   Introduced in House

   Source: IntroReferral

3. 23 February 2009

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 23 February 2009 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 23 February 2009

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 23 February 2009

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 23 February 2009

  Open at official source

Sponsors

• Maxine Waters · D · Sponsor
• Jackie Speier · D · Sponsor
• Rep. Driehaus, Steve [D-OH-1] · D · Sponsor
• · hsba00 · Standing

Related records

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