PARAMOUNT MORTGAGE - LENDER'S BLOG Bill targets bad mortgage brokers May 1st, 2009 9:26 AM Bill targets bad mortgage brokers St. Louis - Protecting borrowers from unscrupulous lenders and shady brokers is the focus of a bill passed by the Missouri state legislature this week and headed to the governor's desk to be signed into law. Cleaning up the mortgage industry has been the focus of federal and state lawmakers since last year when President Bush signed the Housing and Economic Recovery Act of 2008 on July 30, 2008. Among the provisions of the bill is the enactment of the Secure and Fair Enforcement ("S.A.F.E.") Mortgage Licensing Act. States were mandated to adopt the federal guidelines into their own licensing and registration systems to be put in place by July 31, 2009. Missouri's version of the bill, HCS HB 382, follows the Model State Law developed as part of the federal legislation. This law is designed to enhance consumer protection and reduce fraud by establishing a uniform minimum standard for the licensing and registration of mortgage loan originators. The new measure mandates all brokers and bank lenders submit their names to a new federal registry. How do these new regulations help consumers? Reporter Megan Lynch of 1120 KMOX News Radio went right to source to find out in her on-air interview with Paramount Mortgage Company President, H. John Frank, Jr. Currently there is no way to track loans, "and so if you're in Missouri and you make, say 100 loans, and 50 of them go bad, today you can go to a different state and get a new license and then you're a fresh new loan officer" offered Frank. With the expected passage of the new law, "that means officials could track the loans of any mortgage professional in Missouri" continued Frank. The proposal also requires mortgage brokers to be bonded, to submit to background checks, and to participate in continuing education. These safeguards will prevent mortgage brokers who have been previously found guilty of mortgage fraud from doing business. Frank told KMOX these measures should help to clean-up the industry. KMOX Interview: Mortgage Bill Posted by Customer Service on May 1st, 2009 9:26 AMPost a Comment (0) * Name: * Email Address: URL: Comment: Type the characters you see in this picture, click "Submit" when finished.   This helps us prevent automated programs from posting comments and sending spam. * Name: * Email Address: Address: City: State: Zip:   This helps us prevent automated programs from creating bogus contacts and adding them to your contacts database.

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Paramount Bond & Mortgage Co., Inc. • NMLS ID: 67856
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Paramount Mortgage Company: Missouri NMLS ID: 67856 • 347 N. Lindbergh Blvd., St. Louis, MO 63141 • Phone: (314) 372-4300  • Toll-Free: (800) 735-5957 • Fax: (314) 372-4399  Branch Offices – Florida: Florida NMLS ID: 67856 •  4511 North Himes Ave., Suite 200, Tampa, FL 33614 • (813) 449-4260 • Fax: (888) 258-0619   California: California ID: 41310735850 • Canoga Ave, Suite 400, Woodland Hills, CA 91364  • Phone: 818-710-7165  PMC Mortgage Washington: Washington ID: CL-67856 • 14205 SE 36th Street, Suite 100, Bellevue, WA 98006 • Phone: (425) 637-0700  • Fax: (425) 671-5488   PMC Mortgage Idaho: Idaho ID: MBL-7528 • 1875 N. Lakewood Dr., Suite 102, Coeur d'Alene, ID 83814 • Phone: (208) 765-5626 • Fax: (208) 667-2766  State Licences: Texas: SML 50448 • Illinois: MB 0006371