Credit Services Loan Brokers
All Licensees Under the Mortgage Licensing Act and Consumer Discount Company Act
The Commonwealth of Pennsylvania Department of Banking (the recently issued two statements of policy that may affect certain aspects of your business. These statements of policy became effective on July 10, 2010, by virtue of their publication in the Pennsylvania Bulletin (40 Pa.B. 3868, 3869).
Mortgage Reform Laws
Provides detailed explanation of three bills signed into law by Governor Edward G. Rendell on July 8, 2008: Act 56 of 2008, House Bill 2179 (P.N. 4020), the new consolidated mortgage licensing bill (the “Mortgage Act”), Act 57 of 2008, Senate Bill 483 (P.N. 2163), which amends the Loan Interest and Protection Law (the “LIPL”), and Act 58 of 2008, Senate Bill 484 (P.N. 2251), which amends the Department of Banking Code (the “DOB Code”).
Nontraditional Mortgage Guidance
To help protect borrowers and promote sound business practices, the Department of Banking has issued guidance to Pennsylvania mortgage companies who offer so-called “nontraditional” loans such as interest-only and payment option adjustable-rate mortgages.
Blocking Property and Prohibiting Transactions
Secretary's Letter regarding President Bush's Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism.