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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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
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Federal Licensing Bill Proposed
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States Modify, Clarify New Legislation
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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
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States Implement License Registry
Several states today implemented a national licensing registry for mortgage loan originators.
Mortgage Technology Secrets
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