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.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry