Mortgage Bankers group clarifies policy

I don't know if this is a way of drawing a line in the sand, or how closely it ties in with the mortgage meltdown, but the Mortgage Bankers Association has issued a new policy paper titled "Mortgage Bankers and Mortgage Brokers: Distinct Businesses Warranting Distinct Regulation."

The paper is an attempt to bring clarity to the "roles and responsibilities of mortgage bankers and mortgage brokers to current legislative and regulatory discussions," the MBA says.

Although bankers and brokers play central roles in the home ownership process, they serve very different functions in the mortgage process "that demand different regulatory oversight," the industry group states.

Recent turmoil in the mortgage and housing markets (the MBA's words) has brought "renewed attention" to the mortgage origination process. Efforts to reform the origination process ought to take the "distinct differences between mortgage brokers and bankers into account."

As state and federal regulators look at reforming how mortgages are originated, the MBA says, it wants to make sure that any new regulations reflect those differences.

The MBA's recommendations include:

--All loan originators should be registered and licensed.

--Borrowers should receive clear disclosures of brokers' responsibilities and compensation.

--Mortgage brokers should have sufficient financial resources to provide protection to borrowers and mortgage bankers.

--Mortgage brokers should be appropriately bonded to give consumers greater protection.

Read the MBA's paper in full at www.mortgagebankers.org.

Safe as houses

I feel as though I'm writing about these grants on a weekly basis, but it illustrates how popular this program has become: Last week, the South Carolina Department of Insurance announced the seventh round of awards in the S.C. Safe Home grant program.

While there weren't as many handed out this time around, there were enough to push the total amount awarded since the program was rolled out in October to nearly $2 million.

In round seven, 80 homeowners were awarded grants up to $5,000 each to help strengthen their homes against high winds and other natural disasters. That brings the total number of awards to 397 totaling $1.98 million.

The latest recipients live in the following counties: Beaufort (11 recipients), Berkeley (4), Charleston (2), Dorchester (1), Georgetown (9), Horry (52) and Williamsburg (1).

The total number of awards to date break down as follows: Beaufort (34), Berkeley (55), Charleston (35), Dorchester (21), Georgetown (32), Horry (215), Jasper (2), Marion (2) and Williamsburg (1).

To learn how to qualify for the program and apply for grants, call 803-737-6117 or visit scsafehomes.com.

Reach Peter Hull at 937-5594.