HARRISBURG, Pa. — The state's 3,000 mortgage lenders and brokers have been informed of new conduct guidelines via a letter from Acting Banking Secretary Victoria A. Reider.
The Department of Banking first published the guidelines in the Pennsylvania Bulletin on Dec. 16, and it includes examples and definitions of practices considered to be dishonest, fraudulent, illegal, unfair, unethical, negligent or incompetent. Companies that fail to conform to the new guidelines could face suspension, revocation or non-renewal of their licenses.
"Over the past several years, the Department of Banking has made significant strides toward protecting consumers in the mortgage marketplace," said Reider. "We've added examiners, created an investigations unit, and increased our scrutiny of companies seeking to do business in the state."
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In addition to the policy statement concerning proper conduct, the Department of Banking is drawing up regulations and seeking legislative reforms to better protect consumers when obtaining home loans.
Consumers can also learn more about the financial aspects of homeownership at the "Housing" section of www.moneysbestfriend.com, the Pennsylvania Office of Financial Education's Web site.
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