I recently attended a Maryland Association of Mortgage Brokers Town Hall Meeting to review new laws affecting those of us in the mortgage business. These three bills are considered Emergency Legislation and will take effect in Maryland very soon.
SB216 alters the recordation requirements for Mortgages/ Deeds of Trust to include the loan originators license number. Going forward this will allow the source of loans in foreclosure to be traced back to the individual loan originator. Those loan originators that are are the source of to many "bad loans" will be open to investigation.
For more information on Senate Bill 216 visit: http://mlis.state.md.us/2008rs/fnotes/bil_0006/sb0216.pdf
SB217 pertains to mortgage fraud and the new penalties for loan originators and borrowers. This includes the maximum penalty of a person involved in multiple incidents of mortgage fraud to a $100,000 fine and 20 years imprisonment.
For more information on Senate Bill 217 visit: http://mlis.state.md.us/2008rs/fnotes/bil_0007/sb0217.pdf
SB218 alters several provisions protecting homeowners facing foreclosure. The bill prohibits foreclosure consultants from engaging in rescue transactions.
For more information on Senate Bill 218 visit: http://mlis.state.md.us/2008rs/fnotes/bil_0008/sb0218.pdf
Please contact me if you have any questions.
Christopher BreckV.P. & Director of MarketingAdvantage Title CompanyToll Free: (800) 609-8707Phone: (410) 494-0380Fax: (410) 494-0381Cell: (443) 695-2090Web: http://www.advantitle.comBlog: http://activerain.com/blogs/cbreckLinkedin: http://www.linkedin.com/in/marylandtitlecompany