Delegate Jeannie Haddaway-Riccio and other members of the House Economic Matters Committee were briefed yesterday on federal and state measures to enhance supervision over the mortgage industry. The new measures include a national, web-based licensing system that will serve both the mortgage industry and the general public. Loan originators will benefit from a streamlined licensing process and the public will be able to access information about those licensees such as where they are licensed and if there are sanctions against them. Additionally, users will be able to file consumer complaints on-line.
According to Haddaway, Maryland is slated to start participating in the system this year, but must first come into compliance with other standards established under the federal SAFE Mortgage Licensing Act. Some of these changes include renewing licenses every year instead of every two years, increasing qualifications of the licensee and enhancing penalties for those who break the law. A house bill has been introduced to enact these changes and will be heard in the Economic Matters Committee later in the session.