Indiana Says 360 Mortgage Brokers Face Sanctions Over New Regulations
If you are a mortgage broker or work for one in Indiana, take heed of the new regulations. The state has instituted tougher standards that you have to follow and if you do not have everything completed, you could face fines or be shut down.
It is reported that 360 brokerages in Indiana out of 950 have failed to comply with the new law. That is over a third according to my calculations. Yikes!
Of course with the downturn, some of these companies have already shut their doors. But to fail to comply with the new laws and risk your business does not make sense.
Changes in Indiana law require mortgage brokerages to employ a principal manager who has passed a competency exam, but they have been slow to comply since the requirements took effect in July 2007. Last month, Rokita announced he would suspend the licenses of companies that didn’t comply by Tuesday.
The law also requires loan officers to pass background checks and pay registration fees with the state. via The Indianapolis Star.
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