The Real Deal Miami

New rules license mortgage modifiers

August 31, 2009 09:41AM

A new state law will require companies that promise help for mortgage modifications to be licensed brokers that meet the requirements of the state’s Office of Financial Regulation. From March through last week, the Florida Attorney General’s Office has received about 16,127 calls and complaints about companies that promise some form of mortgage relief. The state law, effective Jan. 1, brings Florida up to federal standards, and requires background checks and annual license renewals.