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What office or department in Madison did your state senator tell you to contact regarding complaints against "Loan originators, Loan processors, Loan Officers and Mortgage Brokers."?
Those entities do not appear to be regulated by the WDRL.
Dale Shultz office is 1-800-978-8008 the bill he pushed through was 151 about 4 years ago according to his office. They said that WDRL and the Banking board were the ones to enforce the law. This was the information they gave me yesterday. I just called them again and they are going to get back with me on who does enforce the new law. You might want to give him a call as well.
Ray: Go to http://www.wdfi.org/. Complaints can be filed on line. Look in the "Quick File" section at the upper left of the screen for the "File a Complaint" link.
Arkansas has long regulated Mortgage brokers. You have to check the website to see if they properly registered and thus posted the $50,000 bond. If they have, file with the Securities Agency (which regulates the Mortgage brokers) and they will take your fee from the bond and send them a nasty notice....not to mention we have an Appraisers lien law.
GET IT PASSED...and the collection problem goes away.
Same in California......except there is no appraiser's lien law. Morgage brokers and loan officers must have a real estate license...the same license as a RE broker or licensee. (unless they are loaning their own money) I would like to see a print-out of the appraiser's lien law. I would push for it. A regular mechanic's lien is not viable nor is it enforceable here.
My experience is a bit different. I notified the the Securities Agency about a payment problem and they sent me a copy of the company's Surety Bond. It was up to ME to make a claim against said bond.
Hartford Insurance paid promptly after I included a copy of the HUD-1 showing that they had collected my fee. Not sure how it would have gone had I not had the HUD-1.
I am located in NJ. Had (actually have...) a payment problem, notified the Banking Comission, they said they couldn't enforce the MB to pay me. They could only give them a courtsey call...