Relevant:
- Thousands of Mortgage Originators Had Criminal Background
- AIG Still Spending Money to Lobby For Softer Controls in Lending
- Florida reverses requirement to license mortgage loan underwriters
- Louisiana Law Cracks Regulation Whip over Originators’ Heads
- federal registry for mortgage loan originators begins
2008-07-21 — miamiherald.com
More than half the mortgage professionals registered in Florida -- 120,563 -- entered the industry this decade without being licensed by the state, The Miami Herald found.
Known as loan originators, they perform the same job as mortgage brokers but aren't bound by the same rules.
Time and again, industry leaders asked Florida regulators to bring this group under their watch by imposing mandatory licensing. But regulators refused to press for any changes, claiming that lawmakers would never approve.
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Comments:
Dinochick at 09:21 2008-07-23 said:
I knew it... When I was underwriting/funding etc., I didn't feel like I was dealing with "normal, ethical" people most of the time. This doesn't surprise me at all. And I hope they get the books thrown at them, along with a few heavy loan files. Permalinkadd a comment | go to forum thread
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