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Planning of the Nationwide Mortgage Licensing System

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jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Sat Jul 07, 2007 5:19 am    Post subject: Planning of the Nationwide Mortgage Licensing System Like 0 Dislike 0 A record numbers of borrowers with weak credits are losing their homes due to the mortgages taken. to overcome this problem, two industry groups, the Conference of State Bank Supervisors and the American Association of Residential Mortgage Lenders are developing Nationwide Mortgage Licensing System, to accept and process the license applications and renewal forms online. According to them the system will help regulate licensing requirements across the nation. It should also make it easier for regulators to recognize and penalize deceitful or unqualified lenders. As there is a continuous increase in large number of borrowers losing their homes, the system is coming online
miller_st Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)	Posted: Sat Jul 07, 2007 2:28 pm    Post subject: Like 0 Dislike 0 It will be really good if this system can recognize deceitful lenders. That would help bring down the number of borrowers losing their homes to foreclosure. Miller
sara Moderator Joined: 05 Jul 2006 Posts: 2645 Location: New Brunswick, New Jersey 488.43 Dollars($)	Posted: Mon Jul 09, 2007 3:22 am    Post subject: RE: Lawmakers to improve licensing standards Like 0 Dislike 0 Yes, I think it's a good move on the part of the industry professionals. A number of lenders are into granting loans to borrowers who do not have the financial ability to make payments after certain amount of time. However, the new system is intended at standardizing licensing requirements thereby making it easier for regulators to identify fraudulent lenders. _________________ Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020
Caron Moderator Joined: 19 Jul 2005 Posts: 1519 Location: florida 281.04 Dollars($)	Posted: Mon Jul 09, 2007 6:00 am    Post subject: Like 0 Dislike 0 The primary reason behind the advent of such a system is to stop foreclosure rates as subprime borrowers are losing their homes in large numbers. As per the survey conducted by the Mortgage Banker's Association, the number of homes foreclosed increased from 2.7% in the fourth of quarter of 2006 to 3.3% in the first quarter of 2007. It's a concern for the industry professional and lawmakers out there and thus the latter have decided to come up with improved licensing standards. _________________ Mortgage Shopping made easy with booklet
reinacker Guest	Posted: Mon Jul 09, 2007 7:06 pm    Post subject: Like 0 Dislike 0 Quote: the Conference of State Bank Supervisors and the American Association of Residential Mortgage Lenders are developing Nationwide Mortgage Licensing System, to accept and process the license applications and renewal forms online. I look forward to start of this new system. From what I have read, it will result in reducing the number of frauds/scams in mortgage lending. Hope it starts soon.

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