Maryland Mortgage Lender Law - Considerations of a Mortgage Servicer - Borrower's Ability to Repay
Sponsor: Jim Rosapepe (District 21)Committee: FinanceSubject: Financial InstitutionsStatus: Hearing 3/10 at 1:00 p.m. (as of Nov 6, 2020)
What this bill does
Official synopsis
Prohibiting a mortgage servicer from making or modifying certain mortgage loans without giving due regard to the borrower's ability to repay the loans; requiring that due regard to a borrower's ability to repay include consideration of a debt-to-income ratio and verification of certain income and assets through the review of certain written documentation; and exempting certain mortgage loans from the Act.
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Testimony (6)
MGA witness listFAV 3FavorableUNF 3Unfavorable
| Position | Witness | Organization | Testimony |
|---|---|---|---|
| FAV | Lawrie, Tom | Consumer Protection Division | Written (PDF) |
| FAV | White, Marcelinelobbyist | Maryland Consumer Rights Coalition | Written (PDF) |
| FAV | Senator Rosapepe, Senator Rosapepelegislator | Individual | Position only |
| UNF | Enten, Bob | MBA | Oral + Written (PDF) |
| UNF | Murphy, Kathleen | MBA | Position only |
| UNF | Green, Rich | mmbba | Written (PDF) |
Organizations on record
Registered lobbyists who testified
FAVWhite, MarcelineMaryland Consumer Rights CoalitionRegistered for: Maryland Consumer Rights Coalition DBA Economic Action Maryland; Maryland Consumer Rights Coalition