A proposed mortgage industry reform bill has been hotly debated, but one point is perfectly clear. The bill would add funds for enforcement. As lenders and brokers saw a fortune to be made in mortgage lending, enforcement staffing at the state level barely increased since 2003. The problem of funding and staffing was evident in almost every state. That may soon change. State Division of Banking offices examine the soundness and lending practices of licensed mortgage companies and are designed to prevent unscrupulous lenders and brokers from taking advantage of consumers.
The Division of Banking in your state may have a different title but the mandate is still the same. Watchdog organization Household - HSBC Watch called for a national database that would enable all states to coordinate data and perform trend analysis. “If a problem is sent to a state Attorney General the AG’s office should be able to immediately see if the problem exists in the other 50 states” said the group.
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