California Real Estate Fraud Report

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New Licensing Rules for Mortgage Brokers in 2011 to Prevent Mortgage Fraud

Beginning January 1, 2011, brokers and mortgage bankers will now have to be licensed and listed in a federal database that can be searched by consumers. The law applies to those who take residential mortgage applications or negotiate loan terms but exempts them if they work for banks that take customer deposits.

This all takes place under the Secure and Fair Enforcement for Mortgage Licensing Act, which Congress passed in 2008.

Since July 31, 2010, persons in California operating under the Department of Corporations must be licensed. I am dumbfounded that the only requirements are passing a state and national test, 20 hours of education, a criminal background check and a credit check and that this is considered an improvement. A hair dresser is required to have more education than the person who takes your loan application! Somehow, these new requirements are supposed to put a damper on mortgage fraud.

Read the full article about licensing requirements in the Fresno Bee.

© Copyright 2007-2018 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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