Missour Governor signs House Bill 2188
This "Mortgage Fraud Law" appears have stiff penalties for those who hurt the public. This new law is designed to punish Mortgage Brokers, Real Estate Brokers & salespeople, and Appraisers, who perform things that are already illegal. These things are all well and good, anybody who hurts somebody else by fraud should be punished.
My question is where is the Mortgage Originators licensing legislation? If lawmakers really wanted to protect the public, we would have this profession regulated. Each and every mortgage originator should be tied to a standard of ethics that are designed to protect the public. This standard of ethics should be enforced by its own governing body that understands the laws and their intent. Prosecuting Attourneys are limited on their understanding of certain white collar crimes and often will bargain deals to allow a defendant to continue practice after a conviction.
Where is the leadership? Who is in the way? Real Estate Salespeople and Brokers have been licensed indivisually for decades. Appraisers accepted government regulation in the early 1990's. How about it? Professional mortgage originators should welcome this and this would limit the field of originators and grow public trust.
http://www.house.mo.gov/billtracking/bills081/billpdf/commit/HB2188C.PDF
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