Planning of the Nationwide Mortgage Licensing System

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

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: 917 168.82 Dollars($)

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

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.

Caron · Posted: Mon Jul 09, 2007 6:00 am Post subject:

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.

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