Bill Summaries:

SB 486 requires that a copy of every foreclosure notice be sent to the Pennsylvania Housing Finance Agency. This will allow the state government to track foreclosure trends using real-time data.

SB 483 bans prepayment penalties being issued on mortgages in the amount of $217,873 or less. This figure will be adjusted annually for inflation.

HB 2179 requires persons selling mortgages to have successfully passed a background check, completed training specific to state and federal mortgage laws, passed a test to prove their knowledge and are licensed by the Department of Banking.

SB 484 allows the Banking Department to release information on actions taken against mortgage bankers and brokers, such as fines and penalties.

SB 485 adds the attorney general and the secretary of banking to the state's appraiser's board in an effort to ensure appraiser accountability. Additionally, SB 485 increases the maximum penalty for appraiser misconduct to $10,000 per violation.

About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 500 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.