Bill targets shady mortgage brokers

CHEYENNE -- People looking to buy houses in Wyoming are getting added protection against shady mortgage brokers.

State banking commissioner Jeff Vogel discussed draft legislation with members of the Joint Minerals, Business and Economic Development Interim Committee recently. The bill would modify the Wyoming Residential Mortgage Practices Act to require pre-license tests and education.

Amendments that went into effect this summer require license applicants to undergo criminal background checks. The move allows state officials to identify brokers who may have been convicted of lending fraud in other states.

Every lender must be licensed or registered by July 30, 2009, under the federal Housing and Economic Recovery Act.

Mortgage companies always have been licensed in Wyoming, Vogel said. The national adjustment requires states to authorize individuals to take part in the lending industry.

But the strength of Wyoming's market has kept property values steady even as fewer homes sell, he said.

The state's foreclosure rate is less than 1 percent. By the end of September, 524 properties were under foreclosure.

But strict licensing requirements will provide additional oversight.

The creation of a National Mortgage Licensing System puts together a database with brokers' lending history.

"This brings uniformity to the process," Vogel said.

Ice buildup takes down plane

LARAMIE -- A pilot and passenger escaped injury when their twin-engine plane crashed in Albany County.

The Albany County Sheriff's Office said the crash occurred early Saturday when the craft began to lose altitude near Rock River because of ice buildup on the wings.

The pilot tried to land the Beechcraft plane on a state highway but clipped a power line and ended up in a field.

Authorities say the plane was headed for Saratoga. The pilot and passenger were both from Scottsbluff, Neb.