Sacramento Report
June 16, 2009
Mortgage “Rider” Bill Passes out of Assembly, but Draws Heavy Opposition
AB 919 (Nava) would render void any mortgage or deed of trust secured by residential real property that fails to include a “rider” identifying any appraiser, lender, loan originator, and real estate broker involved in the origination of the mortgage or deed of trust. The bill passed out of the California State Assembly earlier this month. AB 919 has drawn heavy opposition from the California Land Title Association, most lender groups and associations, the California Escrow Association, and the California Association of Realtors.
