Lender advocates say home sales fraud not bad enough to prompt regulation
The House Commerce Committee, which held the hearing at Shawnee Inn, is considering six bills aimed at protecting home buyers from abusive or fraudulent loan terms. This includes requiring all individuals who originate primary or secondary mortgages at state-chartered lenders - not just the companies for which they work - to obtain licenses and take continuing education courses.Other legislation would expand from $ 50000 to $ 197000 the maximum mortgage amount for which lenders could afix prepayment penalties, which force buyers to pay additional costs if they want to refinance their mortgages with another lender offering more favorable terms.
A Pennsylvania Financial Services Association official contends prepayment penalties are actually beneficial to consumers because the penalty can be used by consumers as an inducement to win a one-quarter-percent lower interest rate.
“Prohibiting them, we think is a mistake,” said attorney David Ward, a services representative association. “The basic effect of that will be to push some people out of the mortgage market. We see no benefit to that.”
Committee Chairman Peter J. Daley, a Democrat who sold real estate before joining the state Legislature, said Ward’s contention that prepayment penalties benefit consumers does not hold up.
“Saying there’s a value to the borrower … is almost preposterous,” Daley said.
Ward said an expanded licensing requirement would be a huge burden for lenders. He said creation of three licensing categories would force some individuals to apply for all three licenses, and lenders would have to hire new people just to track licensing compliance.
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