ComplianceMadeSi
9 Posts |
 Posted - 07/08/2008 : 06:41:09 AM
|
News Flash:
Pennsylvania:
Gov. Edward G. Rendell, D-Pa., has signed five bills designed to protect homebuyers, strengthen oversight of the mortgage industry and end key lending practices that leave homeowners vulnerable to foreclosure.
Here are two of the bills:
H.B.2179 assures homebuyers that the persons selling mortgages have successfully passed a background check, completed training specific to state and federal mortgage laws, passed a test to prove their knowledge and are licensed by the Department of Banking. In the past, only mortgage companies had to be licensed in Pennsylvania - not their employees, the governor's office notes.
S.B.483 makes sure that Pennsylvanians who buy typical family homes cannot be trapped in unaffordable mortgages by certain prepayment penalty provisions. This law bans licensees from including prepayment penalties on mortgages of $217,873 or less, a figure that will now be adjusted for inflation every year.
Arizona:
Arizona Gov. Janet Napolitano on Monday signed into law a bill requiring state licensing of mortgage loan workers. While the state already regulates mortgage brokers and mortgage bankers, the law will require licensing of an estimated 10,000 loan originators — front-line employees of mortgage brokers and other lenders who typically interview loan applicants and act as middlemen between lenders and consumers. Supporters say it will help weed out fraud, prevent abuses and protect consumers. Opponents questioned whether it would burden business and said it won't prevent buyers from lying about their income. The issue came before the Legislature while the mortgage industry faced scrutiny because of foreclosures and other problems associated with the subprime loan crisis.
Indiana:
It appears that more than 2/3's of Indiana's mortgage brokers have failed to comply with a new requirement to assign a Principal Manager to supervise their business by July 1, 2008 and that may put hundreds of brokers at risk of losing their licenses if they can't comply by the last chance date of August 5, 2008. This requirement appears to be for mortgage brokers located inside and outside of the state.
Per the Sec. Of State, more than 600 loan broker companies, or roughly 70 percent operating in the state, have yet to conform to the new guidelines, let alone take the test, and are therefore at risk of losing their licenses if they are not in compliance by the newly extended “last chance” August 5 deadline.
George Marentis, J.D.
President/CEO
Compliance Made Simple, LLC
303.859.8550
web: www.compliancemadesimple.org
email: compliancemadesimple@yahoo.com
This is for informational purposes only and is not to be considered legal advice. |
|
Search for: 
