[Congressional Record Volume 158, Number 166 (Friday, December 21, 2012)]
[Extensions of Remarks]
[Pages E1987-E1988]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               THE MORTGAGE ORIGINATOR CLARIFICATION ACT

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                        HON. STEPHEN LEE FINCHER

                              of tennessee

                    in the house of representatives

                      Thursday, December 20, 2012

  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

[[Page E1988]]

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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