03/14/19 -- HB 757 -- Changes provisions relating to mortgage loan originators

Bill Number: 
HB 757
Bill Purpose: 
Changes provisions relating to mortgage loan originators
Date of Vote: 
03/14/19
My Vote: 
Yes
Explanation: 

HB 757, introduced by Representative Jack Bondon (Republican - District 56) modifies some provisions related to mortgage loan originators in order to bring Missouri into compliance with some recently changed Federal legislation.  While there are some provisions in this bill that I'm not fond of (such as a requirement to maintain a full-service office in MO for those engaged in loan underwriting), the passage of this bill isn't really optional.  My understanding is that failing to do so could result in Missouri losing access to the Nationwide Mortgage Licensing System and Registry (NMLSR), as well as subject the state to various litigation.  As a result, I reluctantly voted "yes" on this bill.