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Buono Moves to License Mortgage Solicitors
By Jim Griffin - May 8, 2007 - 4:33pm
Tags: Senator Barbara Buono, mortgage brokers,
Release Date: May 8, 2007
TRENTON – In a bid to crack down on rising abuses by loan officers in the mortgage marketing field, Senators Barbara Buono today unveiled a proposal to subject the State’s 42,000-plus mortgage solicitors to mandatory training, criminal background checks and licensing exams....
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politicsnj.com
...Senator Raymond J. Lesniak, D-Union, said he will be a co-prime sponsor of the measure to be introduced on Thursday.
Solicitors, who normally work for licensed brokers or other licensed lenders, can get quick access to personal financial information because they are usually the first contacts for mortgage applicants. Current law allows them to go into business simply by paying a $100 registration fee with no requirements for education, testing or criminal background checks.
“We need to patch up this crack in the system by requiring licensing standards, criminal background checks and training to help purge the bad actors from the mortgage business,” Senator Buono said.
“All too often, people about to make the biggest investment of their lives – the purchase of a home – fall prey to scam artists who can steal identities, mislead uneducated investors and then just disappear,” Senator Buono said.
Under the proposal, the Department of Banking and Insurance would be charged with establishing licensing standards for mortgage solicitors that would include a minimum of 24 hours of classroom instruction in mortgage and predatory lending laws, underwriting, secondary markets, financing and ethics.
In addition, license applicants, including the current list of registered mortgage solicitors, would have to successfully pass a criminal background check before qualifying to take the State administered examination for a two-year license....
lma(zz)o 42,000 sets of additional fingerprints?
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