Projo Biz Blog

Rhode Island today became one of the first states in the country to require all mortgage originators who are not employed by a bank or credit union to register with a national licensing system designed to improve regulatory oversight and “fight mortgage fraud and predatory lending,” according to a statement by Rhode Island Department of Business Regulation.

The registration and licensing “will assist (regulators) in weeding out the bad players who are unethical, untrained and do not act in the best interest of borrowers,’’ said the department’s director, A. Michael Marques.

Rhode Island is one of seven states _ including Massachusetts _ which as of today requires mortgage originators to register with the National Mortgage Licensing System by March 31st. The other states are New York, Idaho, Iowa, Kentucky and Nebraska. The on-line registration, which includes a $30 fee, will be followed by a new nationwide licensing requirement effective Jan. 1, 2009.

Leave a comment

Name:

Email:

URL:  

Remember personal info?

Captcha:

Type the characters you see in the picture above.