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Kan. professional groups seek mortgage fee repeal

Published on -11/5/2013, 11:09 AM

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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.

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Information from: The Hutchinson (Kan.) News, http://www.hutchnews.com

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