Congress Moves Closer to Licensing Mortgage Brokers

Submitted by Ronald Tennant with Metrocities Mortgage:

Central Valley Business Times (CA) (05/21/08)
The U.S. Senate Banking, Housing and Urban Affairs Committee has passed legislation that would require all residential mortgage loan brokers and lenders to obtain a state license. The proposal, which is included in the housing reform and foreclosure prevention legislative package, would also create a national database that consumers would be able to use to check the credentials of mortgage brokers and lenders. "A nationwide system to keep track of those who've violated the law, had their license revoked, or failed to fulfill appropriate requirements will benefit families and the marketplace," said Sen. Mel Martinez, R-Fla. Martinez and Sen. Dianne Feinstein, D-Calif., sponsored the bill (S. 2595).