Missouri consumers will be able to learn more about their mortgage broker under a bill signed into law by Governor Nixon.
Nixon says HB 382 goes beyond consumer protection and will help move the economy forward. The bill ties Missouri regulation into new federal mortgage regulations. Beginning July 31st of next year, mortgage brokers must register with the Nationwide Mortgage Licensing System and Registry , which will issue the broker a unique identifier that must be clearly displayed on all official paperwork. Nixon says that while the bill relies on new federal legislation, it leaves regulation at the state level.
The governor says such legislation should cut off problems in the industry before they develop. Nixon says that while parts of the nation have been rocked by significant problems in mortgages and while Missouri has had its fair share of foreclosures, no problems have arisen to undermine the housing market in Missouri.
Nixon says the bill also keeps regulation under state government, rather than hand it over to a federal bureaucracy that hasn’t been effective.