The Real Deal Miami

Tougher licensing in cards for mortgage brokers

January 02, 2009 11:52AM

State regulators have proposed sweeping legislative changes that raise the
requirements for new mortgage brokers and make it harder to retain
broker licenses. A 2 percent cap on fees is also under consideration.
Florida had one of the highest rates of mortgage fraud in the country
during the housing boom. The proposed reform package would require
non-bank mortgage originators to undergo annual criminal background
checks and join a national registry of mortgage originators.