Broker Licenses Tumble
A sharp decline in the number of licensed mortgage brokers has been fueled by the loss of subprime programs, a decline in broker market share and the collapse of many wholesale lenders. Among states with the biggest declines were Florida, Minnesota and Ohio.

Minnesota saw a 70 percent drop in licensed mortgage broker companies, from a little more than 4,000 to less than 1,200. A new law that took effect last Aug. 1 increased license fees and set net worth requirements for those companies. Individual broker originators are not required to be licensed.

"We estimate that more than half of that [decline] is due to the downturn in the real estate business and the rest is due to the new law," Minnesota Department of Commerce spokesman Bill Walsh told MortgageDaily.com.
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Groups Weigh In on Treasury Blueprint
Mortgage bankers threw their support behind a plan announced by the U.S. Treasury Department today. Mortgage brokers were a bit more skeptical in their endorsement.

Becoming, Staying FHA Approved
As secondary market investors tighten conventional lending requirements and costs, government-insured programs are expanding to cover the shortfall -- with recent program changes benefiting a wider pool of borrowers. But these programs can only be tapped by approved mortgage lenders and brokers or by approved net branch correspondents who operate under strict arrangements.

Builder's Mortgage Unit Settles with N.C.
Ryland Mortgage has agreed to pay more than $300,000 to settle allegations it used unlicensed originators and overcharged borrowers who purchased a home from its parent company.

Federal Licensing Bill Proposed
A Democratic Senator and a former Bush administration Republican have come together to propose federal licensing for mortgage brokers and lenders.

States Modify, Clarify New Legislation
Loan originators in New York and California face new state regulations, while new legislation in several other states has created confusion or concern -- leading some of the states to provide further clarification or make modifications.

Record State Settlement
Nationstar Mortgage LLC settled with Kentucky charges it employed unregistered loan officers. The settlement was the biggest ever for the state's mortgage regulators.

State Mortgage Licensees Tumble
Mortgage regulators in several states have reported a significant drop in the number of license holders.

States Implement License Registry
Several states today implemented a national licensing registry for mortgage loan originators.

Mortgage Technology Secrets
As one mortgage company has adopted a loan origination system because of its secondary marketing capabilities, new pricing technology has been launched and automated valuation models have been enhanced. Digital improvements have also been made to licensing, compliance and servicing systems.