BOSTON — New rules for regulating mortgage originators will probably be less onerous for credit unions and other regulated depository institutions, bank regulation expert Mike Stevens said today.
Stevens said credit unions and their employees will have to register with a new national registry but won't have to attain a separate license.
The rules, which implement a law passed by Congress last year, require information such as employment and financial history to be included. The public will have access to some data so they can decide if they want to do business with an originator but some data, such as financial information, won't be available.
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