HARRISBURG, Pa. — Acting Secretary of Banking Steve Kaplan told lawmakers today that Pennsylvania needs laws to test and license mortgage professionals and to protect consumers from unscrupulous loan practices.
"Pennsylvania licenses real estate professionals, securities dealers and even barbers, but not the person brokering what may be the largest financial transaction of your life," said Kaplan in testimony before the Senate Banking and Insurance Committee considering mortgage licensing bills.
Another bill pushed by the department would require mortgage companies to notify the state when they try to foreclose on borrowers.
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The legislation is the result of a 2005 foreclosure study by Department of Banking that found that abusive lending practices, particularly in subprime, were pushing Pennsylvania's foreclosure rate above the national average.
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