Mortgage Broker Licensing Rules to Get Tougher
New rules for mortgage license applications take effect later this year that require annual criminal background and credit report checks.
Palm Coast, FL – June 24, 2010
BY NIRVI SHAH: MiamiHerald.com
After years of lax licensing requirements, all mortgage brokers in Florida — including those who may have just submitted an application — will have to reapply under more probing criteria later this year.
No new applications under the current mortgage broker rules will be accepted past July 8.
Starting Oct. 1, Florida will join the Nationwide Mortgage Licensing System, and all loan originators, brokers, lenders and mortgage business owners will have to reapply for their licenses. People who don’t apply by July 8 and aren’t already licensed won’t be able to work in the industry until their applications are approved under the new rules.
It wasn’t Barney Frank?
For a long time Barney Frank and the irresponsible borrowers were credited for the housing/mortgage fiasco. This report imply that others may be responsible??????? Barney was such a nice singular target!!
Licensing requirements
Now if the authorities would do the same for "all" contractors, Real Estate Brokers and Agents, Mortgage Originators, Stock Brokers, Financial Advisors that would help. Requiring Politicans to not have a criminal record could not be implemented because most have been convicted of Fraud, DUI, Bouncing Checks,etc. A good start would be that if you can vote in a general election you cannot run for office.