Thursday, March 5, 2015

Press Release: Rep. Jon Hardister Files Legislation to Streamline Oversight of Independent Mortgage Processors and Underwriters

March 5, 2015

For Immediate Release

Raleigh, NC - Earlier this week Rep. Jon Hardister (R-Guilford) filed HB 126 - Mortgage Origination Support Registrants - along with Rep. John Szoka (R-Cumberland) Rep. Graig Meyer (D-Orange) and Rep. Steve Ross (R-Alamance).

HB 126 would create a new registration system for mortgage processors and underwriters who work do contract work for lenders and brokers. The bill would ensure that North Carolina is in compliance with federal law, which requires state governments to provide basic oversight of independent mortgage underwriters and processors. Absent of this bill, independent mortgage processors and underwriters would be required to register as a mortgage broker or lender, even though they do not transact loans.

"This bill creates a simple oversight system for independent mortgage processors and underwriters,” Hardister said. “It is important that we provide basic oversight of our mortgage support system while ensuring that our laws are business-friendly. This bill would help to accomplish that goal."

The NC Commissioner of Banks office worked with Rep. Hardister in writing this legislation.

Rep. Jon Hardister