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Loan Modification
: Mortgage Lender Implode-o-MeterNew law for home loan consultants poses hurdle
By Implode-Explode Heavy Industries
None has met requirements for surety bonds
Nevada's emerging home mortgage modification industry is running into a big hurdle just as it starts to operate under a new law.
A new state law required home loan modification and foreclosure consultants to obtain licenses from the mortgage division. While 50 applications are being processed, none of the applicants has posted the required $75,000 surety bonds, according to the division.
The deadline to post the bonds is Thursday, and anyone that continues operating without a bond could be fined.
Full post as published by Mortgage Lender Implode-o-Meter on October 26, 2009 (boomark / email).
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