Nationwide Mortgage Licensing System launched

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Floridians, who are among the most frequent victims of real estate fraud in the collapsed housing market, could benefit from a national initiative to verify the credentials of real estate professionals and reduce the risk of fraud. The Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators have launched the Nationwide Mortgage Licensing System, which is designed to help state licensing officials keep track of individuals and companies responsible for arranging mortgage loans. A registry will require brokers, lenders and loan officers fill out a comprehensive application that can be forwarded to states participating in the system.

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