Commercial mortgage insider: NAMB increases the fold for commercial loan brokers

Bipartisan national lending law soon to be a reality?mortgagepress.comBob Ney, Paul Kanjorski, lending law, legislation, Congress, U.S. House of Representatives Reps. Bob Ney from Ohio and Paul Kanjorski from Pennsylvania appear to be nearing an agreement on a bipartisan bill that would establish a national lending standard. The legislation, which is intended to protect consumers from abusive lending practices, would preempt the patchwork of state and local predatory lending laws that have reduced the availability of mortgage credit to consumers and created an inconsistent regulatory environment. Initially announced in mid-October, the bill is expected to also address the need for enhanced consumer education and protections, and would tackle difficulties related to foreclosures, appraisal practices, loan flipping, and borrower/lender dispute resolution. Both Rep. Ney and Rep. Kanjorski have indicated that they will seek input from the mortgage industry and consumer groups before the legislation is formally introduced in early 2005. For more information, visit www.house.gov/kanjorski or www.house.gov/ney.