A record number of applications for mortgage broker registrations will be made in 2004, Kenneth Bielemeier, deputy superintendent with the Banking Department, has told the New York Association of Mortgage Brokers Annual Convention in Melville, N.Y.Last year, the department approved 400; right now the department has 200 applications pending. Mr. Bielemeier told the crowd that for every application that is approved, the department is getting three new ones. However, the regulators are worried about the number of convicted felons looking to work in the industry. Mr. Bielemeier said the department is processing requests for 200 people who have felony convictions. The large number of requests is forcing the department to establish a Felon Processing Unit. Furthermore, many of the former felons were convicted of financial fraud, not crimes such as driving while intoxicated. The department looks at hiring past felons on a case-by-case basis, and wants to know from the employer what safeguards are being put in place, Mr. Bielemeier said.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25