Lenders: State Licensing a Positive Step

Oakland Business Review (03/13/08); Marshall, Carol
Residential mortgage lenders have come out in support of a package of Michigan bills that mandate registration and training for mortgage bankers. They view House Bills 5287-5291 as positive steps toward stabilizing the lending industry. However, several aspects remain uncertain, including what the training curriculum will include, how much it will cost and who among current mortgage professionals will have to be re-trained. David Carroll, vice president of administration for Quicken Loans, is among those who wonder how the new rules could impact businesses still considering a move to Michigan. He states, "We're in all 50 states now, but there was a time when we were smaller and growing and going into new states and we definitely looked at the regulatory environment. There's definitely a compliance burden."