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National database for lenders to help track shady operators

Shared by Jerry on Thu Jul 29, 2010 4:46 am
Hi all, Henceforth, loan officers will have to provide their names and fingerprints to a national database. The bill regarding this national database for mortgage officers was passed 2 years ago but it has been approved by the Federal bank in July, 2010. Creating a national database will help in cracking down shady operators who were actually responsible for the real estate crisis. This rule will apply for the Federal and State bank employees. Apart from this, the mortgage brokers should also be licensed by the system. Thanks, Jerry Source: http://news.yahoo.com/s/ap/20100728/ap_on_bi_ge/us_mortgage_lenders_registration

Community Members Opinion

Niicss
Niicss

Joined: 03 Oct 2005

Posts: 4834
Location: New Jersey

508.88 Dollars($)

Posted: Sat Jul 31, 2010 3:52 am Post subject:

Hey Jerry… Thanks for sharing the news As far as I know, the registration to the national database will start by the end of January, 2011. During the housing boom, most states had weak regulations regarding mortgage origination. However, now the regulations have been beefed up and mortgage brokers and loan officers have to pass a national test, a state test and a criminal background check. This national database will help in tracking down mortgage brokers or lenders who try to work in one state after they are banned from another. The best part is that there would be a public database available to consumers as well. _________________ Good is the Enemy of Great.