|33 States On Board With Registry
Thirty-three states and the District of Columbia so far have committed to joining a nationwide registry that will allow mortgage professionals to apply online for licenses with a uniform application and enable regulators to better track bad players.
States Step up Subprime Supervision
State regulators have adopted federal subprime guidance and will use it to weed out bad lenders that are not federally regulated. The move paves the way for examinations and coordinated oversight between federal and state regulators.
Calif. Requiring Criminal Checks on Lenders
The failure of a California mortgage broker accused of fraud has inspired passage of legislation requiring criminal background checks for financial lenders new to the industry.
Unlicensed NV Brokers Busted
State regulators fined a Las Vegas broker $40,000 for unlicensed and high-risk mortgage investment ads. While the company's apparent chief was licensed through her affiliation with a net branch firm, she operated the high-risk business separately.
Maryland Originator Licensing in Effect
Maryland regulators are now requiring many mortgage originators to be licensed.
Texas Low Down Program Uses 2nd Lien
A Texas affordable housing agency has made available a low-cost second lien loan program that aids purchase money loan borrowers with down payment and closing costs.
States With Best, Worst Credit Scores
South Dakotans have the best average credit scores, according to one of the three major credit repositories, while Texans have the lowest.