Loan Mods Need Florida License

TALLAHASSEE, FL-As a result of recently enacted legislation, any individual or company providing loan modification services in the state of Florida such as refinancing and adjusting interest rates must have an active license from the Florida Office of Financial Regulation.

Under the Florida Mortgage Brokerage and Lending Act, individuals and companies may not provide loan modification services without an active license.

"These will help consumers who are in need of loan modifications, and protect them from financial fraud during these difficult economic times," said OFR commissioner Tom Cardwell.

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