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Article: MORTGAGE BROKERS FACE TEST LOAN CRISIS SPURS 'HIGHER STANDARD'
- Article from:
- Evansville Courier & Press (2007-Current)
- Article date:
- July 8, 2008
- Author:
CopyrightCopyright 2008 Evansville Courier & Press (2007-Current). Provided by ProQuest LLC. (Hide copyright information)
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INDIANAPOLIS - More than two-thirds of Indiana's mortgage broker
companies could lose their licenses for not complying with a 2007
state law intended to clean up the industry in the wake of the
subprime lending and home foreclosure crisis.
The 2007 law said that each licensed mortgage loan broker had to
have one principal manager, someone with three years' experience who
had passed a state examination. Of 950 affected loan brokerages
statewide, principal managers at 639 of them still had not taken the
exam by the law's July 1 deadline, officials said.
Indiana Secretary of State Todd Rokita, whose office regulates
the broker industry, said he is giving principal managers a 30-day
grace ...