HF990 Summary

• Adds new exemption for manufactured home dealers and salespersons from residential mortgage originator licensing requirements if they perform only clerical or support duties and do not offer or negotiate loan terms.

• Exempted manufactured home dealers and salespersons cannot receive compensation beyond customary salary or commission from their employer for assisting with mortgage loan applications.

• Requires written disclosure to borrowers disclosing any corporate affiliation with a lender, that the lender cannot guarantee best terms, consumer right to choose their lender, and names of at least one unaffiliated lender.

• Commissioner must prescribe a one-page disclosure form developed in consultation with the Manufactured and Modular Home Association and posted on the department website.

• Applies the same exemptions and disclosure requirements to both residential mortgage originator licensing under section 58.04 and mortgage loan originator registration requirements under section 58A.03.