Because of changes in Florida law, the Florida Office of Financial Regulation has received 4,600 mortgage broker licensing applications since July. This is more than double the amount requested during the last fiscal year.
This because of a new law that adds licensing requirements to home loan professionals, including the foreclosure rescue industry. As of midnight, December 31, people who want to offer loan modification services in Florida must be a mortgage broker. This involves passing a state test and paying $240 for the license and having a clean criminal record. The legislature added loan modifiers to the statute governing mortgage brokers during the spring legislative session and at the request of the mortgage industry. The Office of Financial Regulation estimates there are 685 loan modification companies in Florida. The Florida Attorney General has received 3,680 complaints about loan modification companies in 2009 and has opened investigations in 53 companies.
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