The bill would require written contract amendments, signed by the lender, for most loans. Legislators took up the issue after a judge in the state sided with a borrower's claim of having an oral agreement from Bank of America to modify a mortgage.
Mortgage applications increased for the second consecutive week as both the refinance and purchase market saw its overall volume rise.
Compliance software provider QuestSoft found that nearly one in five lenders is considering switching their loan origination systems this year.
The technology, still in its early development stages, will analyze Home Mortgage Disclosure Act files prior to formal submission to the regulator so lenders can spot and fix errors faster.
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