Sen. Bonoff works to improve refinancing process

Senator Terri Bonoff is working to give homeowners a clearer path to refinancing their homes. With the price of homes and land changing drastically in recent years, many homeowners have worked with their banks to refinance their mortgages. Unfortunately, some Minnesotans have run into resistance when attempting to contact the owner of their mortgage note to inquire about refinancing

Sen. Bonoff has worked with the Minnesota Bankers Association, Minnesota Credit Union network, Bar Association and others to craft legislation that would require transaction agents and servicers, upon written request from a mortgagor, to disclose the identity of and contact information for the owner of the note that is secured by the mortgage.

“Over the past few years, we have seen the effects of falling home values and foreclosures on our cities and towns,” said Sen. Bonoff. “This legislation will help facilitate conversations between homeowners and those who own their mortgages.”

The legislation recently received a hearing in the Senate Commerce and Consumer Protection Committee. The committee recommended the bill to pass and sent it to the Senate Floor.

“This bill will not solve the problems that led to the mortgage crisis and that continue to plague our housing industry, but we should be doing anything we can to empower our homeowners” said Sen. Bonoff. “This legislation will remove one more barrier in their way.”

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Senator Terri Bonoff
Terri Bonoff represents District 44, which includes portions of Minnetonka, Plymouth and Woodland in Hennepin County in the Twin Cities metropolitan area. She chairs the Higher Education and Workforce Development Committee.

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