HB 692 - Second Lien along with First Lien

STATE LEGISLATION
This HB 692 gives the mortgage broker and loan officer the right to originate a second lien along with their first lien. All licensing, examination and enforcement of the laws will rest with the authority of the Savings and Mortgage Lending Department. This will benefit the consumer as well as the originator to better create a loan to service the needs of the borrower. All adherence of the law will be in a vertical line from the SML department to the broker to the loan officer and the borrower. This really is a move toward efficient government working with industry creating a better marketplace.

Please review the wording of the actual bill by clicking here.