Kan. professional groups seek mortgage fee repeal
Published on -11/5/2013, 11:09 AM
HUTCHINSON, Kan. (AP) -- Kansas lawmakers will be asked during the upcoming session to repeal a fee on mortgage loans that bankers and real estate agents call an unfair tax that duplicates other charges in the loan process.
The Hutchinson News (http://bit.ly/17K7Kvf ) reports counties receive about $47 million annually from the mortgage registration fee, charged to borrowers who purchase real estate.
The Kansas Bankers Association and Kansas Association of Realtors say counties already collect a document recording fee, so the mortgage charge is unnecessary.
Opponents of the mortgage registration fee say it's an obstacle in the Kansas City metro area because Missouri doesn't impose such a fee, which would be about $315 on a $121,000 loan.
Legislation to repeal the charge is expected to be introduced in the 2014 legislative session.
Information from: The Hutchinson (Kan.) News, http://www.hutchnews.com