Consumer Law

Minnesota has less than half as many mortgage originators this year. Good.

By Sam Glover

In response to the tanking housing market, Minnesota passed some pretty strong mortgage industry regulation last year. Alex Stenback points to an article in the Strib reporting that there are now less than half as many mortgage originators as last year. And 50 mortgage brokers surrendered their licenses, as well.

More than 50 Minnesota mortgage brokers have surrendered their state licenses this year — double last year’s rate and not including those who have gone out of business without notifying the Minnesota Department of Commerce.

The state’s 1,319 active originators last week were down from more than 4,000 last year at this time. Many of them surrendered their licenses after new state laws aimed at making it tougher to be in the mortgage business were implemented last year.

Minnesota Mortgage Industry Regulation Having the Desired Effect [Behind the Mortgage]

Full post as published by Caveat Emptor on June 06, 2008 (boomark / email).