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Article: Seven states join online mortgage broker tracking
- Article from:
- Oakland Tribune
- Article date:
- January 3, 2008
- Author:
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Copyright informationCopyright 2008 Oakland Tribune. Provided by ProQuest LLC. (Hide copyright information)
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WASHINGTON -- Seven states on Wednesday launched a standardized
and mandatory process to more thoroughly license and track tens of
thousands of mortgage brokers.
The effort could be expanded upon by Congressional Democrats, who
are expected in 2008 to continue pushing for tighter national
standards. Mortgage brokers have come under scrutiny over the past
year as home loan defaults grew and housing market troubles
worsened.
Experts say loose licensing standards made it easy for shady
operators -- even those with criminal records -- to work in the
business.
While mortgage regulations vary dramatically from one state to
another, the new system creates a uniform application for mortgage ...