Commerce committee passes mortgage bill

Senate's Commerce Committee has passed the bill which has been created to strengthen monitoring system of mortgage loan originators in Oregon.

This bill (Senate Bill 1064) will empower Oregon's DCBS (Department of Consumer & Business Services) with regulating authority over loan originators in mortgage sales business commonly referred to as "bad actors".

Department of Consumer & Business Services will have the authority to take action against bad loan originators through increase in reporting standards & by increase in the scope of prohibited conducts to include acts on part of loan originators which reflect incompetence or negligence. And violators will have the risk of loosing their license.

Supporting the bill, Sen. Ben Westlund, D-Tumalo, committee's chairman has made a statement that: