home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Mortgage License News | State Agencies | NMLS Registration Statistics
Mortgage lending licenses and news about license issues by state. Mortgage broker licensing, license revocations and legislation.

www.mortgagebranchmanagerjobs.com

CA Lenders Face Tougher Licensing Process

Bill 502 on way to governor

May 5, 2005

By ERIC STERN
Bee Capitol Bureau


Legislation from the Golden State is on its way to the Governor's desk that would require fingerprinting for new lenders. But the bill doesn't stop licensed lenders from hiring convicted criminals.

Bill 502 would require fingerprints and a criminal background check before granting lending licenses. It's a practice already required for mortgage brokers.

The bill is on a fast-track calendar to get to the governor's desk and is supported by the California Financial Services Association.

The Department of Corporations can already deny a license if applicants, within the past decade, have been convicted, pleaded no contest to a crime or committed any act involving "dishonesty, fraud or deceit" related to the industry.

But the screening is limited to a three-page questionnaire. Principal officers and directors, or partners with a 10% stake, are required to complete the form, which asks for details about past crimes, bankruptcies and lawsuits.

"It would help with enforcement," added Norma Garcia, an attorney with the Consumers Union, which has backed reforms in the lending industry.

The 2,994 lenders currently licensed would be grand-fathered in.

"Quite honestly, it doesn't go far enough," said Jon Eberhardt, president of the California Association of Mortgage Brokers, an industry group.

Eberhardt supports extending the fingerprinting requirement to lenders but said the bigger problem is that once a business obtains a license any employee can originate.

"You could be a felon, you could be someone who embezzled money," he said.


Material for this abstract was reprinted with permission from The Modesto Bee

read the full story at ModBee.com



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders