U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 08-06-2008, 10:57 AM
 
Location: Cary, NC
1,036 posts, read 3,627,833 times
Reputation: 503

Advertisements

Bentlebee's favorite topic:

360 mortgage brokerages don't cut it with Indiana


Many states are getting tougher on loan officer and mortgage broker requirements. This is nothing new, for >5 years North Carolina has required a background and credit check on all mortgage brokers and branch managers need 3 years of experience in the business. I think the education requirements are still a little low, but the background/credit checks have been in place for a long time now... even before the real estate boom.

Maybe this is one reason (of many) that NC has been doing relatively well


One of the best aspects of the new housing bill that no one mentions is that it includes a national registry of mortgage originators. A system has been in the works for years and NC just joined it this year, so it is also nothing new. However the new bill expands who needs to register to include loan officers at many banks and direct lenders... up until now mortgage brokers were the only regulated group. It will be interesting to see if the outcome in Indiana becomes a trend and many other loan officers quit when required to adhere to new standards.
Reply With Quote Quick reply to this message

Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top