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."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
