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Bill

A 3348

Relates to mortgage loan servicers

2025 Regular Session Introduced by Noah Burroughs and 10 co-sponsors

Bill A 3348 regulates mortgage loan servicers, enhancing borrower protections and ensuring fair practices in loan modifications and foreclosure processes.

REFERRED TO BANKS
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WeVote Research Nonpartisan
Bill Summary · A 3348

Summary of Bill A 3348: Relates to Mortgage Loan Servicers

Bill Number: A 3348
Introduced On: January 27, 2025
Current Status: Referred to Banks
Classification: Bill

Purpose and Intent

Bill A 3348 aims to regulate mortgage loan servicers, enhancing consumer protections and ensuring fair practices within the mortgage servicing industry. The intent is to address issues related to transparency, accountability, and the treatment of borrowers, particularly in the context of loan modifications and foreclosure processes.

Key Provisions

While the specific text of the bill is not provided, typical provisions in similar legislation may include:

  • Licensing Requirements: Establishing or reinforcing licensing requirements for mortgage loan servicers to ensure they meet certain standards of operation.

  • Consumer Protections: Implementing measures to protect borrowers from unfair practices, including clear communication regarding loan terms, fees, and the status of their loans.

  • Loan Modification Processes: Streamlining processes for borrowers seeking loan modifications, ensuring they have access to necessary information and assistance.

  • Foreclosure Procedures: Enhancing regulations around foreclosure processes to ensure they are conducted fairly and transparently, potentially including requirements for servicers to explore alternatives to foreclosure with borrowers.

Who Would Be Affected

The primary stakeholders affected by Bill A 3348 include:

  • Mortgage Loan Servicers: Companies that manage mortgage loans on behalf of lenders, who will need to comply with new regulations and standards.

  • Borrowers: Homeowners and potential homebuyers who rely on mortgage loans, who will benefit from enhanced protections and clearer communication regarding their loans.

  • Lenders: Financial institutions that provide mortgage loans, as they may need to adjust their practices in response to new servicing regulations.

Procedural Aspects

  • Legislative Timeline: The bill was introduced on January 27, 2025, and has been referred to the Banks committee for further consideration. The timeline for further actions, such as hearings or votes, will depend on the committee's schedule and priorities.

Related Bills

Bill A 3348 is related to several prior-session bills, which may provide context or precedent for its provisions:

  • A 10851: A prior-session bill addressing similar issues in mortgage servicing.
  • A 2428: Another related bill from a previous session that may have influenced the current legislation.
  • A 2131: A prior bill that could have overlapping provisions or goals.
  • S 70: A companion bill in the Senate, indicating parallel legislative efforts in both chambers.

This summary provides an overview of Bill A 3348, highlighting its purpose, key provisions, and the potential impact on various stakeholders. Further developments will clarify the specific changes proposed and their implications for the mortgage servicing industry.

Compiled from official sources — confirm details with the bill’s official record.

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