7 states plan to track MBs

[Marcia Langley]

http://money.aol.com/news/articles/_a/states-launch-mortgage-broker-tracker/n20080102132109990002

This could be big.

 

[Webbed Feet]

Wow! Ankle bracelets.... That's harsh even for mortgage brokers.

Webbed.

 

[Mike Kennedy]

Idaho, Iowa, Kentucky, Massachusetts, Nebraska, New York and Rhode Island are the initial states participating. In total, 42 state agencies - including those in Washington, D.C., and Puerto Rico - have committed to joining by the end of 2009.

The system is mandatory for brokers doing business in those states, and state regulators can penalize brokers for operating without a license.


outstanding !!

now If they Enforce Existing Coercion, Bribery, Extortion, and Identity Theft Laws simultaneously - it will MEAN something.

 

[Brad Ellis]

Marcia,

Great post and this is very interesting. I'd heard that it was afoot.

Trouble is that even with things like criminal background checks many slip through. I regular e-mails from Rich Hagar who tracks these in the Pacific NW and it is really shocking to see how many get theire MB licenese even after they were convicted of a felony. Ouch.

Now for the hard part- and this is for everyone- how would you all like a similar type of thing for appraisers? (no motive here- just musing)

Brad

 

[Hall McClenahan]

Now for the hard part- and this is for everyone- how would you all like a similar type of thing for appraisers? (no motive here- just musing)

I'm in. To my knowledge I have yet to have a complaint filed yet I am already listed on the ASC, Listed in Missouri and Kansas databases, my fingerprints are on file with the FBI, I have both State and Federal Jackets, (ha ha not criminal), I have to have continuing education hours every year, may have my files pulled and audited by the either or both states at a whim, I have to keep a log of every job I do. Pay yearly license fees, yearly insurance for that license, business permits heck what more could they add?

 

[Hamlet]

Ohio now requires a background check and finger printing of people applying for appraising license or upgrade. If criminals can still slip through how effective is that?

BTW, I fully support background checks, finger printing or a national database that tracks disciplinary actions for anyone involved in the lending industry. Anything to clean up the profession!!

 

[USPAP Compliant]

This new law effective 04/01/2008.

http://www.ncga.state.nc.us/Sessions/2007/Bills/House/HTML/H313v9.html

 

[Restrain]

zzzzzzzzzzzzzzz. Just more fees from MBs to states. Toothless as there will not be any enforcement.

 

[Riick]

Wow! Ankle bracelets.... That's harsh even for mortgage brokers.
Webbed.

--- Only if they have barbs on the inside ---

 

[Couch Potato]

This new law effective 04/01/2008.

http://www.ncga.state.nc.us/Sessions/2007/Bills/House/HTML/H313v9.html

That will certainly make it easier to track down the responsible parties.:new_smile-l: