Industry News

Real estate loan fraud registry in the works

Regulators aim to create national licensing process
Published on Jan 3, 2006

State mortgage industry regulators are working to create a national repository streamlining the licensing application process that would also show enforcement actions against lending industry insiders. "The point of the repository is to simplify the state licensing process among state mortgage regulators," said Bill Matthews, senior vice president of the mortgage project at the Conference of State Bank Supervisors. His group is spearheading the project along with the American Association of Residential Mortgage Regulators. The database is expected to include disciplinary actions and license revocations imposed on industry workers including mortgage brokers, finance company loan officers and appraisers. Such information is already available on individual states' Web sites, but will be consolidated in one place under the proposed plan. This information, experts say, could be an aid in fighting mortgage fraud. The Federal Bureau of Investigation has said there is a "growing epidemic of m...

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