This post was written by Lauren A. Abbott.
On July 2, 2013, Pennsylvania Governor Tom Corbett signed into law HB 1124, which amends the Mortgage Licensing Act (“MLA”), 7 Pa. C.S. § 6101 et seq. The amendments to the MLA take effect August 31, 2013, which is 60 days from the date the governor signed the bill. While some of the amendments will be viewed positively by the mortgage industry, the restriction on how far mortgage originators may live from their assigned offices could have a major impact on how licensees conduct business. To read the entire alert, click here.
Lauren Abbott is an associate in the Financial Services Regulatory Group (“FSRG”) with Reed Smith. Formerly, she was an assistant counsel with the Office of Chief Counsel for the Pennsylvania Department of Banking and Securities. Lauren and other FSRG members regularly assist clients in licensing issues, responses to examination reports, and review of forms, and provide advice on other MLA compliance issues.