Is Your Lender Licensed?

There’s an excellent article in Realty Times about Maryland’s new law requiring mortgage brokers and the loan originators who work for them to be licensed by January 1st of this year.

The lenders I work with are either already licensed, are exempt because they work for banks (and are licensed under other laws) or are waiting for their license to come in because of the lengthy background check.

It will be interesting to see how this works out. For the longest time, there really wasn’t any place to go if you had a complaint. We’ll see how Maryland does in enforcing this law.

A law was passed several years ago requiring that home inspectors be licensed. Unfortunately, the General Assembly never funded the requirement, so licensure won’t happen until the appropriation happens. It amazes me that it is important enough for legislators to require licensing but not important enough to follow through with it.

We’ll see what happens. I’ve heard rumor that this may be the year, but you know how rumors go.

© 2007 Susan Pruden

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