S.A.F.E. Mortgage Licensing Act of 2008 Amendment

Floor Speech

I rise in support of H.R. 2121, the S.A.F.E. Transitional Licensing Act of 2015.

I am proud to serve as an original Democratic cosponsor of this commonsense, yet critically important, legislation. I also applaud my colleagues, led by Representative Stivers, for working in a bipartisan way to draft this legislation that we are considering here today.

Homeownership continues to be and remains a dream for millions of Americans across the country. This legislation is an important step towards helping to ensure that this dream becomes a reality. H.R. 2121 helps to facilitate a loan originator's job mobility while ensuring that State regulators continue to have the ability to protect consumers and the marketplace.

This legislation offers a narrowly tailored and pragmatic solution that provides a transitional authority to originate mortgages for individuals who move from a federally insured institution to a nonbank lender. During this transition, these individuals will also work to meet the S.A.F.E. Act's licensing and testing requirements.

Over the past several years, State regulators, key industry stakeholders, and Members of Congress have been engaged in an extensive dialogue on ways to eliminate job barriers for loan originators as well as to help to promote homeownership for qualified buyers.

I am committed to continuing to ensure that our housing finance and mortgage system continues to deliver fair, sustainable, and responsible financing to meet the ever-changing needs of homeownership.

H.R. 2121 is truly a reflection of what can be achieved when we all work together towards a unified and shared goal. I urge my colleagues to support this critically important piece of legislation.

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