Tightening Standards For Mortgage Brokers

Stacey Myers writes:

About 40 percent of Indiana?s mortgage brokerages had lost their license to do business as of yesterday because they hadn?t complied with a new state law tightening licensing standards, the Associated Press reported.

As of yesterday, 361 of Indiana?s 950 brokerages hadn?t met the deadline and another 143 had voluntarily surrendered their licenses, AP reported.

Indiana has had a high foreclosure rate, ranking No. 11 out of the 50 states in foreclosure filings in the second quarter of 2008, according to RealtyTrac. State officials felt the relatively low licensing requirements for mortgage brokers contributed to the problem.

So lawmakers passed the new law instituting more stringent requirements for mortgage brokers, who match borrowers with lenders and reportedly originate about two-thirds of the state’s home and commercial loans. Other states, including Massachusetts, have also tightened regulations regarding mortgage lenders. Indiana officials will investigate to see if any of the now unlicensed brokers continue to operate.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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