Yesterday’s Compliance deadline spelled trouble for some mortgage brokers

New changes in Indiana law now require mortgage brokerages to have a principal manager who has passed a competency exam, and some area brokerages have missed the compliance dealine set for this requirement. This took effect in July 2007 so lenders have had plenty of time to get this done, and it was last month that they were told they had until yesterday to comply or lose their license. The law also requires loan officers to pass background checks and register with the state.

360 Indiana mortgage companies have failed to meet the compliance deadline and will face the consequences. It will be a long process, so be sure to check before you talk with any mortgage company to be sure they are licensed and have complied with competency laws.

Read the IndyStar.com article here

Check the Secretary of State’s site to see which companies have missed the deadline.

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