Mortgage broker applications surge before new regulations take effect

Many Floridians appear eager to get into the mortgage brokerage business before the laws that will keep some out of the profession take effect. The state Office of Financial Regulation said mortgage broker licensing applications have been pouring in before change to the regulations governing eligibility becomes law Dec. 31. The OFR received 4,600 such applications since July, more than twice 2008’s total applications, and the swell comes just before a new requirement that applicants pass a written test and pay a $240 licensing fee. Loan modifiers must also meet those requirements under the new law; about 685 loan modification companies do business in Florida and the state has received about 3,680 complaints about loan modification companies in 2009. [Palm Beach Post]