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StumbleRegulations allow controls on loan modification industry
Friday, July 10, 2009 | 5:21 p.m.
CARSON CITY – Gov. Jim Gibbons has signed emergency regulations to allow the state to impose tougher controls to stop foreclosure and loan modification scams.
The regulations permit the state Division of Mortgage Lending to license loan modification and foreclosure consultant companies and their agents.
The Legislature passed a bill requiring this licensing effective July 1. Joseph Waltuch, commissioner of the Division of Mortgage Lending, said “With the rapid increase in mortgage delinquencies and foreclosures, consumers have been targets of foreclosure rescue and loan modification scams.”
This law and these regulations will provide “additional protection for consumers by regulating the companies that are providing these services,” he said.
The state will be able to charge $750 for an application for a company and $100 additional for each branch office. And there will be a $500 a year fee for a company. An agent application fee is $185.
The division must adopt permanent regulations by Aug. 27.
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Check out http://obamamortgage2009.blogspot.com or obamamortgage2009.blogspot.com There needs to be a program for the elderly but not quite to retirement age for mortgage modification when the have lost their job during this particular recession. I made a decent wage because I put my time into a company and now have no job. I am looking at $10 - to $12 hr jobs after working all my life. You can't make a mortgage payment on that kind of money. I will eventually lose my home.