Mortgage Bankers and Brokers
Association of New Hampshire
LEGISLATIVE 2011-2012
Committee Members: Peter Simmons, CMP (Chair), Ben Niles, CMB; Celia Leonard, Esq.; Ralph Coppola, CMP; Karl Reitz, CMP; Charley Farley; John Griffin, Esq.; Rick Herrick.
We had an extremely busy legislative session in NH during the 2010-2011 term. Theere were several proposed bills that targeted our industry and the outcome of these was favorable to the Association.
The first item on our agenda will be meeting with Commissioner Wilbur. Going forward the committee plans to work closely with Jim Demers on laws in NH that impact our industry. As in the past most state issues will begin late in the year and consume most of our time during the spring session. We are committed to keeping the board up to date on all legislative matters and will ask for board members opinions whenever needed.
Final report of the committee to study issues regarding Financial Resources Mortgage, Inc (FRM), dated November 30, 2011.
click here
2011 NH Legislation Session Recap, by The Demers Group
MBBA-NH, June 24, 2011
New Hampshire's 2011 le
gislative session wrapped up on June 22, with the exception of a one day veto session to be scheduled during the fall. It was a very active session with 887 bills introduced resulting in final action on 677 and 210 bills held for summer study with committee votes to take place this fall.
While the state's operating budget dominated a significant amount of time and attention, there were many issues of interest to the Mortgage Bankers & Brokers Association of NH. The effects of the FRM Mortgage Co. scandal continued to be felt with two bills HB102 and HB178 calling for continued studies of mortgage lending practices and regulatory oversight. In addition to the on-the-ground lobbying, MBBA-NH Legislative Chair Peter Simmons testified on numerous bills. Several groups brought bills to make changes to the state's law that conforms with the federal SAFE Act, particularly to remove them from the definition of mortgage originator, including realtors, lawyers and accountants (HB408, HB613, SB189). While the MBBA-NH did not have a problem with their intent, finding proper language that did not throw the state's SAFE Act out of conformity with the federal law was somewhat difficult. Ultimately agreement was reached between the groups, mortgage lenders and the Banking Dept. to pass an amended version of SB189 broadening the exemptions in the act to include those who are not directly involved in the actual mortgage transaction. Debate between the realtors, MBBA-NH and the Banking Department went on all session over whether owner financing of mortgage loans and specifically what number of these loans is permitted under the federal SAFE Act. Once again the concern was that amending the state SAFE Act could push the state out of conformity with the federal law but the matter was resolved when the parties agreed to amend SB28 to include a contingency clause to insure conformity with upcoming federal HUD requirements. Retained for summer study was SB153, a bill that the MBBA-NH was involved with, making changes to the real estate appraisers law to conform with the federal Dodd-Frank law and HB244 which would limit the retention of biometric data by businesses. Defeated was HB607 which would have eliminated the mortgage bankers' and mortgage brokers' exemption under the consumer protection act and SB109 which would have studied ways to change the foreclosure process in NH.
Federal Reserve TILA Amendment
This amendment will change the way a majority of banks, lenders, and brokers operate/compensate mortgage loan originators. I want to thank Ben Niles and Sandie Gausch for outlining the highlights of this rule. Please click here for their highlights.
Dodd-Frank Act
With the creation of the Consumer and Financial Protection Bureau, we are sure to see many additional changes. Many of the items in the initial bill have been discussed but, as the bureau begins operations, they will have rulemaking authority, along with oversight over government entities related to consumer finance.
Peter Simmons
MBBA-NH Legislative Chairperson
© 2011 Mortgage Bankers and Brokers Association of New Hampshire, Inc.
6 Garvins Falls Rd Suite 106 | Concord | NH | 03301 | Phone (603) 225-6111 |E- Fax (603) 218-6310 | info@mbba-nh.org
