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Technology Stocks : E Loan Inc -EELN

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To: Bipin Prasad who wrote (788)	1/27/2000 1:03:00 AM
From: Sr K	Read Replies (1) of 817

Interesting concept to work through Re/MAX ... but I wonder what the legal difficulties will be. A Florida real estate licensee who does not have a separate mortgage broker's license may provide prospective borrowers with information on lender's mortgage rates and loan programs but may not receive compensation for such services. The history is that you needed both licenses, but computerized loan origination systems (CLO) created a conflict between federal and state law. The new RESPA regulations state that real estate licensees are permitted to receive compensation when providing mortgage-related services, including accessing CLOs. Florida Statute 494 specifically prohibits compensation for such services unless the individual is licensed as a mortgage broker. To clear the confusion, "Federal law supersedes state law, unless state law is more restrictive" according to a past president of the Gold Coast Chapter of the Florida Association of Mortgage Brokers. Clearly Florida law is more restrictive. So, as far as I understand, in Florida E-Loan's program will have difficulty. How is it in other states?

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