On August 2, 2010, The New York State Banking Department announced that 1,800 mortgage loan origination firms have met the new licensing mandates as well as the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008.
Mortgage firms, under both pieces of legislation, were required to meet certain professional criteria such as being registered with the Nationwide Mortgage Licensing System and Registry by July 31, 2010 and pass the New York mortgage broker exam , in order to continue doing business in the State of New York.
The state of New York also requires mortgage loan originators to pass a criminal and financial background check, be covered by a surety bond and be employed by a licensed mortgage banker, mortgage broker or a non-banker lender.
New York is the first state to make mortgage loan officers, not just the mortgage brokers and bankers, accountable to consumers and regulators for their actions and expertise as loan officers. In 2006, New York legislation mandated the registration of mortgage loan officers with the Banking Department.
Currently, with the Secure and Fair Enforcement Act , government has a set of nationwide minimum standards for the mortgage industry and a verification system that is accessible to both the consumers and to the regulators.
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.
The more regulations on mortgage companies the better. I know that we all have some responsiblity for what happened in the housing market but the banking and mortgage institutions certainly had a a lot more.