Charleston Post and Courier (04/29/08); Stech, Katy
South Carolina and Indiana are the only two states in the nation where mortgage lenders and their loan officers are not required to obtain state licensing. The former could leave the latter standing alone in that respect, however, if it passes a proposal designed to bolster lending industry standards and make it easier for borrowers to understand the terms of their loans. In addition to setting state licensing rules, the South Carolina Mortgage Lending Act, now making its way through the state Senate, would classify home loan fraud as a crime; strengthen standards for mortgage brokers, who are already licensed in the state; require continuing education for lenders; and make loan documents more transparent. The legislation also would give state agencies wider leeway to obtain more loan applicant data--such as credit score and appraised value of a property--as a way to help the agencies address disparities in lending to whites and minorities.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment