100 per cent mortgage

100 per cent mortgage
The change in the Senate are just sitting, the state legislative sessions and is slowed down. Here you will find the latest news on mortgage-licensing:

Colorado - E & O insurance now for Private Mortgage Broker

Massachusetts - guarantee is not available

FHA Reform - New bills still on hold in Senate

Colorado

Colorado Mortgage Broker Licensing began on 1/1/07. Mortgage brokers are defined as any person who solicits or from a loan. Colorado is one of the few states that licenses may only individuals and not companies, ie companies and LLC. Colorado including the HUD exemption on 6/1/07, which is then required, about 1,000 more businesses to their individual loan originator is licensed as a Colorado Mortgage Brokers. Now, since 1/1/08, all licensed mortgage brokers, people will also be a $ 25,000 E & O insurance.

Massachusetts

Massachusetts, the number of new requirements which came into force in September. I am all of these requirements in a previous update. One of the main requirements was a guarantee for mortgage brokers and lenders. Since that date, no mortgage licenses have been issued in the state because the state is not a form of guarantee. Massachusetts has declared that it will soon be available. All companies, mortgage assistance with obtaining this loan, please let me know.

FHA Reform

This is one of the hottest topics at the moment for the mortgage company. Unfortunately, the U.S. Senate does not seem to think is. The Senate Banking Committee has sat on a number of bills for months, and nothing seems to move. I have a confirmation from someone in the Congress hearings, that the bond provision in lieu of audited financial information for HUD approval (FHA Licensing) has been removed and is not in the Senate. This is very unfortunate for many companies that do not have the time and money to do every year audited financial data. The other hot issue is the FHA loan limit increase. It is expected to intervene in one form or another. We are still waiting to see what happens on this issue.

Conclusion

Be ready for some state legislation as a legislative sessions are to start very quickly. I am predicting a lot of legislation in relation to Foreclosure, loan modifications, consulting, other licensing requirements, and much more. Keep your eyes open for some major changes.

Steven Sheasby, founder of Integrity Mortgage Licensing, has collaborated with numerous companies, the mortgage licensing across the country. He has several departments for compliance with nationwide lenders and brokers. His experience in mortgage mortgage licenses, and other issues, the compliance to it within the track for dealing with the states without the expensive cost of a lawyer. Contact Integrity Mortgage Licensing at 714-721-3963 or ssheasby@integritymortgagelicensing.com. Or visit the website at http://www.integritymortgagelicensing.com