Indiana

Licensed to Ill

By Abdul Hakim-Shabazz

Indiana Secretary of State Todd Rokita says nearly two-thirds of the state’s mortgage brokers didn’t bother to take a standardized license exam as required by law.

The General Assembly passed the law last year to toughen requirement for brokers.

Rokita says out of the 950 licensed brokers, 639 never bothered to take the exam so they’re facing license revocation.

They have until August 5 to take the exam.

It’s also not like it’s a hard test. Out of the 300 brokers who’ve already taken the test, only 46 never passed.

And please note, 67-percent of Indiana’s real estate business is done through mortgage brokers so is anyone surprised that this state is in its current foreclosure crisis?

Full post as published by Indiana Barrister on July 07, 2008 (boomark / email).