Missouri legislature approves new tracking system for mortgage lenders.
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Missouri legislature approves new tracking system for mortgage lenders.

Date: April 21, 2009
By: Chance Seales
State Capitol Bureau
Links: HB 382

Intro: The Missouri Senate gives final approval on a new mandated registration program on lenders.

Chance Seales (SEALS) reports from the state Capitol.

RunTime:0:41
OutCue: SOC

Before approving mortgage loans in Missouri, lawmakers voted to require lenders to register with the state's Department of Finance.

Under the new program, banks and their employees must file with the state for an ID number that will be used to track their actions.

Sen. Rita Days of St. Louis County says the new regulations are necessary given the mortgage industry's bad practices and reliance on government.

Actuality:  DAYS1.WAV
Run Time: 00:08
Description: "When everybody's in trouble, who do they run to when they need some assistance?  And they don't run to each other.  They run to the federal government to help bail them out."

The measure passed with overwhelming support in the House and Senate, and will become law with the governor's signature.

From Jefferson City, I'm Chance Seales.   

Intro: New regulations requiring mortgage brokers to enroll in tracking system approved by the state legislature Tuesday.

Chance Seales (SEALS) reports from Jefferson City.

RunTime:0:47
OutCue: SOC The House and Senate passed a law mandating every Missouri mortgage company, down to the employee, to register with the State to get a tracking ID number. The program attaches an employee's name to an ID number that will be on every piece of paper they touch involving mortgages. Sen. Delbert Scott, the bill's Senate sponsor, says the new regulations are necessary, but place an unfair burden on Missourians because of new federal requirements. 
Actuality:  SCOTT1.WAV
Run Time: 00:10
Description: "Because of the bad actions of the rest of the people, everybody, even the guy that originates a loan in my town of 700 is going to have to register to make a loan." 

The bill will now be sent to the Governor's desk for final approval.
 
From the state Capitol, I'm Chance Seales.