The Real Deal Miami

State ups licensing requirements for performing loan modifications

December 08, 2009 01:46PM

Beginning Jan. 1, any individual or company providing loan
modifications in the state — including refinancing and interest rate
adjustments — will need to be licensed by the Florida Office of
Financial Regulation. Florida recently began including loan
modification services under the umbrella of activities performed by
individuals operating as licensed mortgage brokers. The state said it
hopes the new licensing requirements will rev up consumer protections
and help to combat financial fraud. [Sun Sentinel]