Allentown Morning Call (PA) (07/09/08); Darragh, Tim
Pennsylvania Gov. Ed Rendell (D) recently signed into law a group of mortgage-related bills designed to curtail fraud by holding brokers accountable. The legislative package mandates licensing and continuing education for mortgage brokers, bans prepayment penalties on loans up to $217,873 and makes penalties for violators 10 times higher than under previous laws. In the coming months, Rendell also will push for the passage of legislation to simplify mortgage disclosures, ensure that loan originators have a fiduciary duty to borrowers, enhance fraud detection, urge fraud reports from lending employees and mandate that mortgage documents be sent to borrowers by lenders.
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