The government is creating a national registry/fingerprint database for mortgage lenders in the U.S.. Mortgage loan originators employed by mortgage brokers, banks, credit unions and thrifts will also have to be fingerprinted and sign up to a central registry to do business in future, according to final rules issued on Wednesday by the Federal Reserve and other regulators.
The mortgage industry came under tough scrutiny after the 2007-09 financial crisis, with some lawmakers and regulators sharply critical of underwriting standards and practices that were seen as so loose they helped foster a housing price bubble.
Congress is is expected to address systemic problems with Fannie Mae and Freddie Mac after the November mid term elections.
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