|Date Requested:March 05, 2012
Time Requested:11:30 AM
| FUND(S) |
Sources of Revenue
Legislation creates:Neither Program nor Fund
Effect this measure will have on costs and revenues of state government.
| This bill should have no impact on the costs or revenues of state government. It simply provides that for a limited 3-year period, the prohibition on non-depository mortgage lenders and brokers originating mortgage loan modifications or refinancings in excess of 100% loan to value would not apply if the modification or refinancing involves a federal or state program or occurs as the result of a litigation settlement.
We do not believe there are any state programs at the present time that would be involved and the bill does not create any new state program to fund such loan refinancings or modifications.
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||0||0||0|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||0||0|
3. Explanation of above estimates (including long-range effect):
As noted above, there should be no impact on the costs and revenues of state governmnet in general or the Division of Banking in particular.