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2007 Mortgage Broker Legislative Passed

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Thread Starter
Senior Member
Feb 8, 2004
Professional Status
Certified Residential Appraiser
House Bill 07-1322 - Effective June 1, 2007

·Repeals the FHA exemption

·Requires mortgage brokers to act for the benefit of the borrower by taking
actions that include a reasonable inquiry concerning the borrower's current
and prospective financial status.

·Defines prohibited conduct regarding fraud, misrepresentation, and conflict
of interest.

·Defines disclosures specific to fees, costs, and lock-in agreement terms.

Senate Bill 07-085 - Effective July 1, 2007

·Prohibits a mortgage broker from improperly influencing a real estate
appraisal and makes such improper influencing a deceptive trade practice.

·Specifies criminal penalties for improperly influencing a real estate appraisal.

·Authorizes the Director, of the Division of Real Estate, to revoke a mortgage
broker's registration when the broker has improperly influenced a real estate

Senate Bill 07-216 - Effective July 1, 2007

·Creates a duty of good faith and fair dealing for mortgage brokers in their
communications and transactions with borrowers.

·Requires refinancing transactions to have a reasonable, tangible net benefit
to borrowers.

·Requires the Director to promulgate rules governing the marketing of
nontraditional mortgages by mortgage brokers.

Senate Bill 07-203 - Effective January 1, 2008

·Changes the regulatory framework for mortgage brokers from registration to

·E&O insurance becomes a requirement for licensing.

·Establishes pre-licensing education requirements, testing, and continuing
education for mortgage brokers. Education component becomes effective
January 1, 2009.

·Defines grounds for disciplinary action.
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