Mortgage Licensing System Embraced By Some Slammed By Others

Mortgage News Daily

Late last week CBSB/AARMR announced that 28 states and the District of Columbia had signed a Statement of Intent indicating they will be participating in the Residential Mortgage Licensing System by the end of 2008.

In signing the statement the 29 state agencies asserted the reasons for state participation:

To improve the efficiency and effectiveness of state supervision of the U.S. mortgage market;
To fight mortgage fraud and predatory lending that costs consumers and the mortgage industry hundreds of millions of dollars in losses each year;
To increase accountability among mortgage industry professionals;
To unify and streamline state license processes for mortgage lenders and mortgage brokers.

The state agencies are expected to begin using the system over 2008 and 2009 as the systems full functionality is realized. Additional states have expressed interest in joining the system but are still determining a timeframe.

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