How will this legislative session wrap up in regards to loan modifications?  There are many opinions on what is and is not appropriate.  Then there is the cold hard truth.  As of right now this industry is not regulated at all and the continuation of this would be of detriment to all involved.  From the homeowners to the bank to the industry professionals making a living by helping others, the ramifications of deregulation stretch far.  Right now we are winding down on this legislative session and if nothing is to be decided upon during that time, then nothing will happen for two years.  I am sure that many of us would not even like to think about what those next two years would hold.  The suggestion that is currently on the table is that the loan modification industry is placed under the licensing of loan officers.  At first sight I found this to be quite ludicrous since the current statutes forbid people doing loans, selling real estate or acting as escrow officer to represent themselves as any of those professions in those places of profession if they wanted to do loan modifications.  To be completely honest the idea pissed me off completely.  I wondered why on earth I and those that I work with would need a license to something that we do not do, like originate or write loans.  Secondly, why do I have to work under some broker who has far less knowledge than I do about the industry?  It just did not make any sense and then I spoke to the Mortgage Lending Division Commissioner, Joseph Waltuch.  He informed me that the proposed budget cut that would eliminate or “merge” the Mortgage Lending Division  and remove important officials who could make the laws around this industry work, was denied by the legislative budget committee.  This does not mean that the MLD has gone away and it is totally a step in the right direction.  So now what?  We get put under a licensing that does not really fit the job description but does what is absolutely necessary, which is regulate.  That is when a fabulous, educated and honest company such as ours comes along and pushes for amendments and education for our industry.  This will allow the industry to flourish while providing the most successful outcomes for the homeowners of Nevada.  The members of AAA Home Rescuers will be making a visit to Carson City in the near future to take a stand and present what we believe will protect all of those who are being affected by this housing crisis in an efficient, fair and successful manner.

This entry was posted on Tuesday, April 7th, 2009 at 6:04 pm and is filed under Education. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.