|
|
October 31, 2011
| To: All MBA-PA Members |
| |
| From: E. Robert Levy, Executive Director and Counsel |
| |
| Date: October 31, 2011 |
| |
| New Appointment at Department of Banking |
| Net Worth Requirements For Mortgage Lenders |
| |
|
I am pleased to advise our members that Tim Siwy has been appointed as the Acting Deputy Secretary of Banking for Non-Depository Institutions. He is clearly well suited for this position. For those of us who have worked closely with Tim we are very pleased that he has been elevated to the position formerly held by our friend David Bleicken, who left the Department for a position in the CFPB. We look forward to working with Tim in his new position.
|
I have enclosed an email/letter that I have sent to the Department after discussions with MBA of Pennsylvania President Mike Flynn. It is self-explanatory concerning the Department’s recent action in adopting the FHA net worth requirements for mortgage lenders instead of the $250,000 requirement previously applicable.
|
We will be addressing this net worth issue at the Northeast Conference of Mortgage Brokers General Session on Wednesday, November 2, 2011. In addition, Tim Siwy will be on our State Regulators Forum on Wednesday, November 2, 2011. The Conference is being held at the Trump Taj Mahal Casino Resort, Atlantic City, NJ. For additional information about the Conference please visit www.njamb.org.
|
| |
|
|
|
