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House approves mandatory licensing for mortgage loan officers after debate on fraud and enforcement
Summary
The House passed a second-substitute to HB 249 requiring mandatory licensing and continuing education for mortgage loan officers, 51–20, after extended debate about mortgage fraud in Utah, enforcement capacity and whether a voluntary certification would suffice.
The Utah House on Feb. 26 approved second-substitute House Bill 249, a measure to require licensing and continuing education for mortgage loan officers, after a lengthy floor debate about fraud, enforcement and industry standards.
Representative Brent Parker, sponsor of the second substitute, said the measure responds to widespread mortgage fraud and will raise consumer protections by making licensure mandatory where previously there was none. Parker said federal and state investigations and FBI case work show Utah among the states with elevated mortgage-fraud activity and told…
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