foreclosure license in RI?? - Posted by Thomas
Posted by Thomas on April 19, 2006 at 20:45:42:
I live in Providence RI, and just read this on the state’s MLS site. Any other states have this, any comments?
Licensing for Foreclosure Specialists and Mortgage Brokers Under Discussion
A new licensing requirement for foreclosure specialists and mortgage brokers is in the works at the State House. The House Committee on Corporations voted to support H 7650 Sub A to license foreclosure consultants, who promise to help home owners avoid foreclosure proceedings. The committee heard testimony about how some unscrupulous foreclosure consultants who promise easy fixes to vulnerable home owners who are facing foreclosure. In reality, some of these “consultants” dupe home owners into deeding over their home or agreeing to a high interest loan that results in their incurring more debt and still losing their home. Real estate licensees, who are acting in the scope of their license, would be exempt from this legislation.
The Committee also voted to support H 7815 Sub A, which would require individual mortgage brokers to be licensed by the RI Department of Business Regulation, just like individual real estate licensees. The purpose of the legislation is to protect consumers from what a witness described as “rogue” mortgage brokers who falsify financial information, loan ratios, etc. and bounce from company to company.