In another exaple of Politicains fixing yearsterdays problems. This was submitted to me by Rob Chrisman a one time top official in the Mortgage Banking industry now retired and keeping busy by sharing his wisdom(s)
"If you want to be loan originator in Oregon, or already are one, you should know that Oregon now added real estate lenders in to the Unlawful Trade Practices Act. So what? Now brokers have individual personal liability to lawsuits from borrowers with punitive damages, with no time limits on filing action and a "low bar to pass" to sue according to one source. "Unconscionable acts" is very loosely defined in their UTPA. Case law in UTPA in Oregon has shown the courts use "known or should have known" as the bar for liability. And oh, don't forget that the SAFE Act takes affect August 1st in Oregon that has loan officers liable for Class C Felony, Restitution Orders to the consumer from the Director of DCBS, $25,000 fines and a private right of action for "ascertainable loses" for 3 years after closing the loan".
I personally will no longer be doing loans in Oregon. I feel sorry for those in the real estate business because they have just became fodder for every attorney looking to make a buck.
Take care everyone and I hope you find my first blog posting informative.
Most Sincerely
Steven B. Harkness
Branch Manager - Washington Financial Group
Direct (360) 981-8615
Steve@washingtonmortgagepro.com
http://washingtonmortgagepro.com
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