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CU System
PCUA monitoring five mortgage bills
HARRISBURG, Pa. (4/10/08)--The Pennsylvania Credit Union Association’s (PCUA) Governmental Affairs Department is monitoring five bills that address the manner in which mortgages are sold in the state (Life is a Highway April 9). The bills, which passed the Pennsylvania House, include:
* HB 1081,which would increase oversight of state-certified appraisers; * HB 1092, which would allow the banking department to release information on denial, suspension, revocation, fines, or other disciplinary orders against a licensee after a final order or adjudication by the secretary of banking. The department currently must wait until all court appeals are exhausted; * HB 1083, which would create a reporting system for lenders to inform the Pennsylvania Housing Finance Agency about loan delinquencies, giving the state an early warning system on state and regional trends in foreclosures; * HB 1084, which would exclude pre-payment penalties on residential mortgage loans of less than $197,000. The current threshold is $50,000; and * HB 2179, which would streamline the licensing and administrative process for mortgage brokers and bankers by creating a single license and creating a new licensing category for all mortgage originators, regardless of the type of lending involved.
A similar package of mortgage-relate bills advanced on a unanimous vote out of the state Senate last month. The House and Senate will confer with each other on versions, the PCUA said.
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