I have been studying for a week now for the new mortgage loan test for the SAFE act.  I now think I know more about mortgages than I ever wanted to know.  We will find out tomorrow.   The industry really does need to have a level of professionalism returned to it.  I am not sure what the real justification was to exclude loan officers who work a FDIC insured banks but I think it was a bad idea.  Most large banks do not sell their mortgages as securities but the majority of small regional banks do.  Those who use Federal insurance programs need to have the same training and certification as any mortgage broker.   I do believe that the regulations need to be brought together under 1 agency and regulations.  The idea that the HUD could not take over the running of the VA housing, USDA lending, Fannie and Freddy is very strange.  All the programs do similar but not identical functions but the overlap is huge.  Some are overseen by the FTC some by the FDC.  Others by the VA and HMDA.  All do a good function but they can all be stream lined to remove waste.  Fannie and Freddie where the 2 odd balls but now the Federal Reserve has controlling interest in both.  Take all of the protections from the oversight agencies and all the insurance provisions from the the regulators and move them to the cabinet that was made to oversee Housing and Urban Development.  Limit the Urban expansion but adding in the farm protection from the USDA and move the VA lending in to allow the VA to concentrate on the health and well being of Vets.  This is something I really need to spend some time thinking about.  Put together a list of each program and what they do and how they overlap.  Wow I am really spending too much time on this.  Hopefully it will pass with me passing the test.