Thursday, January 03, 2008
Nationwide Mortgage Licensing System Launched In Idaho
The Idaho Department of Finance has joined six other state agencies in participating in the Nationwide Mortgage Licensing System (NMLS).
“I am proud that the states are at the forefront of mortgage regulatory reform and that Idaho is taking a leadership role in this initiative,” Gavin Gee, director of the Idaho Department of Finance, said. “NMLS represents a new era in supervision of the mortgage industry that will promote more stable markets and protect consumers.”
The seven states joining the NMLS today are: Idaho, Iowa, Kentucky, Massachusetts, Nebraska, New York and Rhode Island. In addition, 42 state agencies representing mortgage regulators in 40 states so far have indicated their intent to transition onto the system.
The NMLS is part of a new regulatory framework that seeks to:
Enhance consumer protection;
Improve the efficiency and effectiveness of state supervision of the U.S. mortgage market;
Fight mortgage fraud and predatory lending that costs consumers and the mortgage industry hundreds of millions of dollars in losses each year;
Increase accountability among mortgage industry professionals; and
Unify and streamline state license processes for mortgage lenders and mortgage brokers.
Information about gaining access to and setting up a record in the NMLS can be found on the department’s website at: http://finance.idaho.gov. The Nationwide Mortgage Licensing System may be accessed at: http://www.stateregulatoryregistry.org/NMLS.
Gee said that he was pleased with the department’s working relationship with the Idaho Association of Mortgage Brokers (IAMB) and Idaho Mortgage Lenders Association (IMLA). Both Idaho trade associations have expressed support for Idaho’s participation in the NMLS because of Idaho’s balanced mortgage licensing requirements
mortgage fraud
what good is the national licensing when only brokers are made to do it. everyone has to accept the fact that the cause of all these problems is the desease called GREED and it lives in every human being to include those employed by banks, bankers, lenders since they underwrite and approve ALL loans. NAMB failed the industry and congress succumb to lobbyist pressure!
Posted by on 01/04 at 11:51 AM
Florida should follow and I do strongly believe that more education should be required in order to become a Mortgage Broker and unlicensed loan officers should be abolished.
Posted by on 01/04 at 05:53 PM
This licensing system is very good for the enhancing the customer protection.
NMLS represents a new era in supervision of the mortgage industry that will promote more stable markets and protect consumers.”
Posted by on 01/06 at 10:51 PM
The link for Idaho finance is incorrect and does not work.Just thought that I’d let you know.
Posted by on 01/09 at 07:38 AM
I agree with Jose Lopez that This licensing system is very good for the enhancing the customer protection.
A nice article.
Posted by on 07/13 at 11:46 PM
Amazing post, i never read this much informative post anywhere before, your post is really very good and i think we all should have this type of knowledge, i will highly recommend it to all my fellows.
Posted by on 10/22 at 02:25 AM
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Mortgage Fraud Risk Index Jumps 11 Percent, According to Verisk Analytics Subsidiary Interthinx
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The report...indicates that the overall Interthinx Mortgage Fraud Risk Index surged more than 11 percent from the previous quarter...
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The Jackson Citizen Patriot - MLive.com
The prosecution and defense rested Thursday in the mortgage fraud cases against Teresa Marie WIlson and Angelo Surveo Williams.
Wyoming Woman Charged with Mortgage Fraud After Allegedly Stealing Sister's Identity
MLive.com
A Wyoming woman is facing felony charges accusing her of stealing her sister's identity to obtain a mortgage...then defaulting on that mortgage, leaving taxpayers on the hook.
U.S. Attorney Targets White-Collar Crime
Wall Street Journal
In San Francisco, Mr. Russoniello said he is trying to crack down on cases like mortgage fraud, though he doesn't have the budget to hire additional white-collar prosecutors.
Arrests Made in Orlando Mortgage Fraud Roundup
MyFoxOrlando.com
During the real estate boom two years ago, some units were going for a half million dollars. Now some are short selling for just 50 grand.
10 Accused of Mortgage Fraud at PR Coastal Resort
Forbes
A developer and nine other people, including a former salsa singer, have been charged in an alleged $14 million mortgage fraud in Puerto Rico...
Strodtman Jury Selected in Mortgage Fraud Trial
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Attorneys will deliver opening statements this morning in the trial of Mark Strodtman, who is accused of bilking homeowners in a mortgage scheme years ago.
FHA Digging Out After Loans Sour
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Most banks rejected Ms. DeForte because her debt level was too high and her credit score too low. But Lend America put Ms. DeForte into a $402,000 loan backed by the Federal Housing Administration...
Mortgage Fraud Probe Nets 105 Across State
Bradenton Herald
At least one local man is among 105 people arrested across the state following a nine-month investigation into organized mortgage fraud.
Mortgage Fraud Increases
MortgageRates.co.nz
The number of frauds involving professional advisors, such as accountants and lawyers, has increased from two to four since March 2008.
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Trial coverage provided by Anne Mitchell, Crazy Fish Realty.
F. Jeffrey Miller Update - October 20, 2009
A hearing was held in Topeka, Kansas in front of Judge Julie Robinson. Miller is currently being held pending his sentencing which is set for December 22nd, 2009 at 9:00 a.m.. Steve Vanatta and Hallie Irvin, Miller's codefendants, will be sentenced at that time also.
Several motions were heard this week. One was a motion for Miller to be released pending his sentencing. Miller's attorney, Jeff Morris, argued that the court had dismmissed with predjudice the matter involving Miller's purchase of a commercial lawnmower, violating the court ordered monitoring agreement. He also argued that Miller was not a flight risk and should be released. This motion was denied.
Another motion heard by Judge Robinson was that of an escrow account containing proceeds from the sale of Miller's forfeited assets. This account has a balance of $143,000. Attorney Morris argued that his firm was due $100,000 for work done in the Miller matter, to date. The government argued that his 'un-itemized fees' were 'exhorbitant'. The balance of the funds, Morris argued, should be released to the Miller family to help pay for mounting household expenses.
The government argued that the 'Asset Forfeiture Provision' applies down to 'the last penny' and that 'the rights of the victims to made whole are of paramount immportance' and that no routine household expenses like Visa bills, are allowed.
Attorney Morris argues that there is more than enough assets to satisfy the jury's judgement of $2.65 million dollars. The government argues that the estimated value of his assets are only $1.4 million.
The government also stated that Miller has been paid dividends from a company Miller has an ownership interest in; Boreflex. From July, 2008 to present, Miller has been paid $330,509.30 from Boreflex, unbeknownst to the court appointed monitor.
Present in the courtroom was Todd Earnshaw. Earnshaw was indicted along with Miller and others in what is commonly referred to as 'Miller I'. That trial is scheduled to begin on January 11, 2010 in Topeka, Kansas.
More Trial Coverage
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Rachel Dollar, the editor of Mortgage Fraud Blog, is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors. She is an author and a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is a shareholder with the law firm of 
