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Senate approves bill to register mortgage brokers, citing consumer fraud concerns
Summary
The Senate passed a substitute to House Bill 107 establishing registration and oversight for mortgage brokers and bankers after lawmakers described widespread loan fraud and overvaluation of appraisals. An amendment to exempt federally supervised servicers failed; the substitute passed overwhelmingly.
The Senate approved substitute House Bill 107, the Utah Residential Mortgage Practices Act, which would register mortgage brokers and mortgage bankers and provide the Department of Commerce with tools to address loan fraud, including fingerprinting and background checks.
Senator Mansell said the bill responds to an increase in loan fraud and abusive practices…
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