Ohio loan mortgage brokers and lenders rate favorably.

Making Ohio mortgage loan brokers and lenders stand up to more scrutiny and continuing education requirements is a good deal for consumers. The state rates well nationally due to tough regulation.

The State Senate unanimously approved Senator Bill Harris' Ohio (OH) mortgage loan broker / lender bill that would improve the Ohio Loan Mortgage Brokers and Lenders Laws while also safeguarding consumers. The Bill, Senate Bill 76, would amend Ohio loan mortgages law involving licensing, regulatory oversight, and enforcement issues regarding the industry. Rates are set by the market, not by legislation.

This legislation improves the Ohio (OH) State Mortgage Broker Act providing all individuals involved home loans in the Ohio Mortgage Loan Broker and Lender industries to be more professional, better educated and more focused on providing customer service with integrity and accountability. This is not a 'predatory lending' bill but has provisions that protect consumers from fraudulent, illegal practices when obtaining a home loan.

This bill does:

Require licensing and continued education for OH loan officers that work for an OH broker or lender and require the pre-registration testing of brokers and pre-licensure testing of loan officers similar to that required for insurance agents and real estate salespersons;
Eliminate exemptions commonly used as loopholes to circumvent registration and regulatory oversight;
Increase the criminal penalties for those convicted of violating the OH Mortgage Loan Act (OMLA), and provide for enhanced penalties when the victim is elderly;
Bar persons convicted of theft or other money-related crimes from holding an Ohio mortgage broker or lender registration or loan officer license. They cannot quote home loan rates or terms either.
Prohibit Ohio mortgage brokers, lenders or loan officers from making, proposing, or soliciting false or misleading statements on related documents;
Increase the bonding requirement went from $25,000 to $50,000.

The above is most definitely an advantage to consumers that use the services of mortgage brokers and lenders in the state of Ohio. However, many out of state companies find the requirements too difficult to comply with and have withdrawn from the state as a service provider. Be sure to shop around. These laws should help provide a higher degree of confidence for home loan consumers.

Note: The combined experience of our (MFI) loan origination and loan processing staff is understated when we say “impressive”. Top quality personal service, and a huge variety of competitive home loan products with among the lowest rates available have made us a respected industry leader. We're a National Direct Lender with the ability to broker to over 250 other companies for the products just right for you. Using our company is like applying with all best home loan companies in the country at the same time. Only you know you'll CLOSE with the best deal for you. It does NOT cost more to use a broker for your mortgage home loan in Ohio or elsewhere. In fact, it's just the other way around. If one direct home loan lender doesn't have the lowest rates and fees at time of closing they won't transfer your file to another company for closing without charging substantial cancellation or transfer fees. A reputable Broker's only goal is to obtain the best home loan for the customer at the lowest price available for a fair and reasonable fee for service.

Ohio Home Mortgage Brokers and Lenders face tough state regulations.