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Strategies & Market Trends : Anthony@Pacific & TRUTHSEEKER Expose Crims & Scammers!!! -- Ignore unavailable to you. Want to Upgrade?

To: ravenseye who wrote (4185)	5/10/2007 11:44:46 AM
From: ravenseye	Respond to of 5673

New law would boost regulation Thursday, May 10, 2007 By HEATHER HADDON HERALD NEWS northjersey.com ...Other states have adopted similar requirements to deter fly-by-night loan officers. When Illinois enacted its regulations in 2004, 40 percent of the 29,000 applicants flunked the licensing exam. Another 800 failed the background check. "The passage rate was pretty abysmal," said Susan Hofer, a spokeswoman for the Illinois Department of Financial and Professional Regulation.... ...But officials and advocates agree that New Jersey's proposal constitutes a step forward. As the housing market boomed over the last several years, the ranks of unregulated loan officers (also called mortgage solicitors) swelled. They especially flocked to the subprime market, as the high fees with such loans translate into big commissions. In the past five years, the number of New Jersey mortgage solicitors nearly tripled -- from 14,476 in 2002 to 42,433 as of earlier this year -- according to the state Department of Banking and Insurance. Average salaries for state loan officers exceeded $63,000 in 2005, Bureau of Labor Statistics show. To become a mortgage solicitor, applicants fill out a one-page form with the state and hand over $100. Then the applicant can issue loans for a New Jersey lender. Other types of loan representatives, like mortgage brokers, now must post bonds that create some personal responsibility. But few licensed mortgage brokers now work in New Jersey. They number 1,500, or one for every 28 mortgage solicitors....