Please click here to download a summary of H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act, as passed by the House of Representatives on November 15, 2007, by a vote of 291 to 127.  This summary was prepared by the national Mortgage Bankers Association (www.mortgagebankers.org).

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During the 2006/2007 Administrative year the MBBA Ethics/Legislative Committee addressed the following items: 

• HB 530, a bill that would have forced a lender to refinance a property in the name of the party who was awarded the property in a divorce was defeated.  The Committee testified in opposition to this bill on February 16, 2007.

• HB 832, a bill that would have forced a lender or servicer to allow any member of the State National Guard who is deployed to a war zone payment forbearance was defeated.  The Committee did not testify on this bill but would not have taken a position.

• HB 868, a bill that will place a $25 recording fee surcharge for documents that are filed with registries will probably pass.  The Committee did not testify on this bill.

• SB 161, a bill that increases the registration fees for mortgage servicing companies passed.  However, there is an amendment to this bill that eliminates members of MBBA.

• SB 92, a bill that addresses “independent contractor” status will probably pass with an amendment that exempts mortgage originators that work for a lender or broker who is licensed in New Hampshire.  After lengthy negotiations between all parties involved the Committee testified in support of this bill on May 22, 2007.

• HB 365 originally started out as a bill to set up a commission to study foreclosures of home mortgages and the foreclosure rescue scam industry.  At the initial hearing the Banking Commission presented an amendment to this bill that was extremely broad in scope and had not been seen by anyone from MBBA.  The Senate committee recessed the hearing and about four weeks later and after lengthy negotiations the amendment was revised exempting licensed mortgage bankers and mortgage brokers and the Committee testified in support of the bill.  This will probably become law and will be effective on the date signed by the Governor.

• HB 351, a bill that would extend the NH business profits tax to businesses based on an economic nexus instead of a physical presence is still in the House.  The Revenue Administrator felt that the State would be able to bring in between $10MM to $100MM.  It is felt that this tax could be in violation of federal regulations and if the State did collect the tax and obviously spent these monies and was then required to refund it, it could lead to a sales tax or other tax to cover the shortfall.  At this time we are not sure if this bill will pass.

• HB 759, a sweeping amendment that would affect banking laws, reporting and record keeping and makes several changes to laws regarding banking was “retained” until after the summer.  This bill was proposed by the Banking Department.  On March 6, 2007 the Committee testified in opposition to the bill.  After the summer the Committee will again work on this bill.  During the latter part of April the Committee and our lobbyist met with the Banking Commissioner and suggested several changes be made to this bill.  These changes were made in draft form.

The Committee also met several times during the year.  These meetings were as a Committee, with the Banking Department and with our Lobbyist.

• Sept. 8, 2006 – Committee meeting held to discuss items to be brought before the Banking Dept. and/or Legislature.  Those items included Trigger, branch definition, record holding period of 3 years, and licensing of new brokers and loan officers.
   

• November 29, 2006 – Committee meeting held at Lobbyist Jim Demers’ office to discuss Trigger.  Ben Niles and Bob Peterson of Freddie Mac also attended.

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  Feb. 7, 2007 – Meeting with Banking Commissioner Peter Hildreth, attended by Mike Arrison, Walter Vail, MBBA-NH Pres. Bonnie Leclerc, Lobbyist Jim Demers, and Exec.Director of MBBA-NH Meg Malette to discuss LO licensing, the CSBS national licensing project, and stated income loans.

·        Feb. 16, 2007 – Meeting called by Banking Commissioner Hildreth to review negative issues surrounding the mortgage market, attended by same parties as on 2/7. 

• March 12, 2007 – Meeting with Commissioner Hildreth, and attended by same parties as above, to discuss the elements pertaining to the mortgage industry in HB 759.